2026 (5) TMI 558

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....earned Addl./Joint CIT(A)"], for the assessment year 2023-24. 2. In this appeal, the Revenue has raised the following grounds: - "1. On the facts and circumstances of the case and in law, the Ld. Addl./JCIT (A) erred in allowing the benefit of lower rate of tax under Section 115BAA of the Income-tax Act, 1961 despite the fact that the option was not exercised by the assessee within the prescribed time limits as mandate under the Act. 2. On the facts and circumstances of the case and in law, the Ld. Addl./JCIT (A) erred in ignoring that no condonation of delay was obtained by assessee for such delayed filing of Form No. 101C. 3. On the facts and circumstances of the case and in law, Id. Addl./JCIT(A) erred in gr....

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....king into consideration the fact that Form 10-IC seeking benefit of lower tax rate under section 115-BAA of the Act was available on the CPC Portal, arrived at the conclusion that processing of the assessee return under the old regime appears to be a technical error. Accordingly, the learned Addl./Joint CIT(A) directed the AO to recompute the tax by granting the benefit of a concessional rate as per section 115BAA of the Act. Being aggrieved, the Revenue is in appeal before us. 5. During the hearing, the learned Departmental Representative ("learned DR") submitted that, as per the provisions of section 115-BAA of the Act, the occasion for availing the lower tax rate needs to be exercised on or before the due date specified under section ....

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....copy of which is placed in the paper book from pages 13-14, we find that the assessee duly provided the details of Form 10-IC filed on 24.11.2023 in respect of opting for taxation under section 115- BAA of the Act. It is pertinent to note that in the present case, even in the intimation issued under section 143(1) of the Act, the AO-CPC has correctly noted that the assessee has opted for section 115-BAA of the Act. However, it is the plea of the Revenue that since this option was not exercised prior to the due date for filing the return of income under section 139(1) of the Act, which in the present case was 31.10.2023 and the assessee filed Form 10-IC after the said due date on 24.11.2023, the assessee is not entitled to the benefit of con....