TaxTMI 
TaxTMI 
2025 (9) TMI 1845
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....ferred to as "the Act"), relating to the assessment year 2022-23, whereby his appeal challenging intimation u/s 143(1) of the Act issued by Centraized Processing Centre (CPC), has been dismissed, on the following grounds :- "On perusal of the documents attached by the appellant, the contention of appellant is not found to be correct. The appellant has filed Form 10IE on 10.03.2022 for the A.Y. 2021-22 and subsequent years. However, on perusal of the income tax return for A.Y. 2021-22 it is seen that ITR was filed on 22.03.2022 u/s 139(4) of the Act i.e. it was filed after due date along with appellant not opting for 115BAC scheme for A.Y. 2021-22. Therefore because of non-validation of Form 101E for A.Y. 2021-22, the claim of appel....
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....tax regime, and also not filed Form 10 IE for the said assessment year. 5. The contention raised by Ld. AR for the appellant is that even if the assessee had not opted for benefit of new tax regime for the assessment year 2021-22, he was entitled to opt for benefit of new tax regime for the subsequent year i.e. assessment years 2022-23 and 2023-24, and as such, the impugned order deserves to be set aside. 6. As noticed above, Learned CIT(A), dismissed the both appeals filed by the assessee due to the reason that the assessee had submitted income tax return u/s 139(4) of the Act on 22.03.2022 i.e. beyond the due date, and Form 10 IE was submitted on 10.03.2022, for the said assessment year 2021-22 and subsequent years. Learned CIT(A....
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....n individual or a Hindu undivided family, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, shall, at the option of such person, be computed at the rate of tax given in the following Table, if the conditions contained in sub-section (2) are satisfied, namely :- TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 2,50,000 Nil 2. From Rs. 2,50,001 to Rs. 5,00,000 5 per cent 3. From Rs. 5,00,001 to Rs. 7,50,000 10 per cent 4. From Rs. 7,50,001 to Rs. 10,00,000 15 per cent 5. From Rs. 10,00,001 to Rs. 12,50,000 20 per cent 6. From Rs. 12,50,001 to Rs. 15,00,000 25 per cent 7. Above Rs. 15,00,000 30....
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....I-A other than the provisions of sub-section (2) of section 80CCD or section 80JJAA; (ii) without set off of any loss,- (a) carried forward or depreciation from any earlier assessment year, if such loss or depreciation is attributable to any of the deductions referred to in clause (i); (b) under the head "Income from house property" with any other head of income; (iii) by claiming the depreciation, if any, under any provision of section 32, except clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed; and (iv) without any exemption or deduction for allowances or perquisite, by whatever name called, provided under any other law for the time being in fo....
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....rom business or profession, on or before the due date specified under sub-section (1) of section 139 for furnishing the returns of income for any previous year relevant to the assessment year commencing on or after the 1st day of April, 2021, and such option once exercised shall apply to subsequent assessment years; (ii) having income other than the income referred to in clause (i), alongwith the return of income to be furnished under sub-section (1) of section 139 for a previous year relevant to the assessment year: Provided that the option under clause (i), once exercised for any previous year can be withdrawn only once for a previous year other than the year in which it was exercised and thereafter, the person shall nev....
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....r deductions, loss or depreciation as specified in the said sub-section. The first proviso to section 115BAC states that the option exercised by the assessee shall be invalid, if the assessee fails to satisfy the conditions mentioned in sub-section (2). In this way, said failure is the only prescription in law for treating the option to have been invalidly exercised. Sub-section (5) prescribes that for claiming the benefit of option, the assessee having income from business or profession needs to file prescribed form by the due date prescribed in the said section initially and such option exercised would thereafter be applicable for subsequent years. In other words, the failure to file Form No.10-IE within the prescribed due date a....