2025 (11) TMI 1002

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....t of the intimation order dated 27-05-2024 passed by the CPC Bengaluru under Section 143(1) of the Income Tax Act, 1961 [hereinafter referred as 'the Act'] for the A.Y.2023-24. 2. The assessee has raised the following grounds of appeal: 1.That the facts and circumstances of the case in law, the order passed by ld. JCIT(A) is bad in law and void ab-initio as it has been passed in violation of the principles of natural justice and without giving a reasonable opportunity of being heard. 2. That the facts and circumstances of the case in law, the ld. JCIT(A) has grossly erred in confirming the tax liability computed by the Ld. AO of applying Income Tax rate of 30% plus applicable surcharge and cess instead of Income -tax ra....

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....appeal. 3. The brief facts of the case are that the assessee filed its return of income under section 139(1) of the Act on 23-11-2023 declaring a total income of Rs. 34,17,46,770/- under the normal provisions and computing its tax liability as per the concessional tax regime provided under section 115BAA of the Act. The return of income was processed by CPC and intimation was issued to the assessee determining a demand of Rs. 3,28,19,480/-. In the intimation the CPC contended that Form 10-IC, which is a mandatory requirement to opt concessional regime, was filed after the due date. Aggrieved the order from the CPC the assessee preferred the appeal before the Ld. CIT(A), who vide his order dated 30-03-2025 dismissed the appeal, against wh....

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....und is also rejected. 7. The section 115BAA (5) of the Act as under: 115BAA. (1) Notwithstanding anything contained in this Act but subject to the 115BA and section 115BAB, the income-tax payable in respect of the total income of a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April 2020, shall at the option of such person, be computed at the rate of twenty- two per cent, if the conditions contained in subsection (2) are satisfied : Provided that where the person fails to satisfy the conditions contained in sub-section (2) in any previous year, the option shall become invalid in respect of assessment year relevant to that previous year and subsequent ....

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.... a block of asset which has not been given full effect to prior to the assessment year beginning on the 1st day of April, 2020, corresponding adjustment shall be made in the prescribed manner, if the option under sub-section (5) is exercised for a to the written down value of such block of assets as on the Ist day of April, 2019 previous year relevant to the assessment year beginning on the Ist day of April, Centre, as referred to in sub-section (1A) of section 80LA, which has exercised (4) In case of a person, having a Unit in the International Financial Services option under sub-section (5), the conditions contained in sub-section (2) shall be modified to the extent that the deduction under section 80LA shall be available to such....