2026 (8) TMI 1564

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....der section 154 of the Income-Tax Act, 1961(in short "the Act". 2. The assessee has raised the following grounds in appeal: 1. On the facts and in the circumstances of the case as well as in law, the Ld. Additional Commissioner of Income Tax (Appeals) grossly erred in dismissing the appeal of assessee ignoring the fact that the appellant has filed Form 10-IC on 10-11-2023 which was well within the extended period up to 31-01-2024nextended by Hon'ble CBDT, New Delhi vide Circular No. 19/2023 which categorically provides that the Form 10-IC for the A.Y.2021-22 may file up to 31-01-2024 or 3 months from the end of month of circular whichever later. 2. On the facts and in the circumstances of the case as well as in law, the....

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....s reproduced herein under: "For the plain reading of the section 115BAA(5) of the Act, lower tax rate of 22% is applicable only when the option is exercised in the prescribed manner on or before the due date of filing of return of income u/s 139(1) of the Act. In this case, though the appellant had exercised the option I the return u/s 139(1) of the Act. However, the applicable FORM 10IC was not filed before the due date prescribed u/s 139(1). It is an admitted fact that the appellant filed FORM 10IC on 10-11-2023 subsequent to the processing of the original return u/s 143(1) on 21-02-2023. Thus, there was clear violation of the clause 5 of section 115BAA. Hence the appellant was not eligible for the option claimed u/s 115BAA of lo....