2025 (7) TMI 1957

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....ssee in the present appeal, we condone the delay for which sufficient cause is shown, and admit the appeal for adjudication. 4. In the present appeal, Assessee has raised the following grounds: 1. That the Assessment Order dated 21/05/2024 passed by the Assessing Officer, National Faceless Assessment Centre, Delhi u/s 143(1) of the Income Tax Act, 1961 and the order of the Learned Commissioner of Income Tax (Appeals), NFAC, Delhi dated 25/09/2024 thereby confirming the order of the Assessing Officer (AO) are both against the facts of this case and are untenable under the law. 2. That no reasonable and proper opportunity of being heard was allowed by the AO, National Faceless Assessment Centre, Delhi before passing the o....

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....ear and tax should have been worked in accordance with Form No.10(i)(c) as mentioned in the computation of income. The copy of computation of income is made part & parcel of grounds of appeal. 5. Briefly the facts of the case are that the assessee, CEE ENN Estates Private Limited, filed its return of income for the Assessment Year 2023-24 on 27.10.2023, declaring a total income of Rs. 4,54,82,350/- and opting for taxation under the concessional regime of section 115BAA of the Income Tax Act, 1961. However, while processing the return under section 143(1) on 21.05.2024, the Centralized Processing Centre (CPC), Bengaluru disallowed the assessee's option under section 115BAA on the grounds that it failed to file Form 10-IC, which is a manda....

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....sessee for exemption was thus rightly disallowed, and the resultant interest under sections 234B and 234C was found to be statutorily correct. 7. Against the order of the Ld. CIT(A), the assessee preferred an appeal before the Tribunal. 8. During the course of hearing the Ld. AR for the assessee submitted that the AO and CIT(A) both erred in rejecting the option for concessional tax under section 115BAA, despite clear intention and corresponding computation in the return. It was pointed out that the assessee had inadvertently filed Form 10-IB instead of Form 10-IC due to a bonafide mistake, though the entire return and computation reflected the adoption of the new concessional tax regime. The AR emphasized that the CPC should have gra....

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....however, denied this benefit solely on the ground of non-filing of Form 10-IC electronically within the prescribed timeline, and the CIT(A) upheld the same, relying inter alia on the decision of the Hon'ble Supreme Court in Principal Commissioner of Income-tax v. Wipro Ltd. [(2022) 140 taxmann.com 223 (SC)]. In our considered view, reliance on the decision in Wipro Ltd. is misplaced in the present factual context. That decision (see Para 8) dealt with Section 10B(8), an exemption provision, where the Supreme Court held that both conditions-filing of a declaration and doing so before the due date under Section 139(1)- are mandatory. The Court observed that in exemption claims, the statutory conditions must be "strictly and literally complied....