2025 (4) TMI 1900

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....see being a private limited company filed its return of income for AY 2020-21 by opting concessional rate of tax u/s 115BAA of the Act, however, omitted to file form 10IC within stipulated time, as soon as, assessee realized the mistake, he (the assessee) filed Form 10IC but inadvertently mentioned the assessment year 2021-22 instead of AY 2020-21. The AO/ CPC denied the benefit of the assessee on concessional rate of tax and raised an additional demand of Rs. 1,47,27,920/-. 3. Aggrieved by the said order, the assessee preferred an appeal before the Ld. CIT(A) wherein the appeal of the assessee has been dismissed on the ground that Form 10IC has belatedly been filed. Being aggrieved and dissatisfied the assessee preferred an appeal be....

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....d to fulfill the mandatory conditions. Thus, I find no merit in the grounds of appeal taken by the appellant are hereby dismissed." 7. We have gone through the judgment of Hon'ble Calcutta High Court in the case of PCIT vs. Fastner Commodeal pvt. Ltd. (supra) wherein it has been held as under: Denial of benefit u/s 115BAA - assessee did not file the Form 10IC along with the return within the extended period, as extended by the Circular issued by the Central Board of Direct Tax dated 17th March, 2022 - whether filing of such form would be mandatory or directory? - whether the assessee should be given an opportunity to file Form 10IC before the AO in order to claim the benefit? - HELD THAT:- It is not in dispute that the assessee ....