2026 (7) TMI 550

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.... 2. The assessee has raised the following effective ground of appeal:- "On the facts and circumstances of the case, the Ld. CIT(A) erred in confirming the action of CPC in computing tax under the provisions of section 115JB on book profit of Rs. 95,19,175/- ignoring the fact that the assessee had validly exercised option under section 115BAA of the Income Tax Act, 1961 by filing Form No.10-IC on 15.02.2021 and consequently provisions of section 115JB were not applicable." 3. Brief facts of the case are that the assessee is a domestic company engaged in the business of apparel trading. The assessee had exercised option under section 115BAA by electronically filing Form No.10-IC on 15.02.2021 for A.Y. 2020-21. For the year unde....

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.... section 115JB in the year under consideration. The Ld. AR relied upon the decision of the Delhi Bench of the Tribunal in the case of Western Developers Pvt. Ltd. in ITA No.648/Del/2024 dated 06.05.2026 wherein under similar facts relief was granted to the assessee. 5. The Ld. Departmental Representative relied upon the orders of the lower authorities. 6. We have heard the rival submissions and perused the material available on record. The short controversy before us is whether the assessee having exercised option under section 115BAA by filing Form No.10-IC on 15.02.2021 could be subjected to Minimum Alternate Tax under section 115JB for the year under consideration. 7. There is no dispute on facts that the assessee had electronic....