TaxTMI 
TaxTMI 
2026 (8) TMI 1644
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....ru in applying a tax rate of 30 percent (effective rate 33.384 percent) to the assessee company, while ignoring the fact that the (a) assessee was eligible to be taxed at 25 percent (effective rate 27.820 percent) under Section 115BA of the Act because the turnover of the assessee company tor AY 2017-18 was below 400 crores and (b) no additional conditions were required to be fulfilled for availing the concessional tax rate under Section 115BA. The CPC, therefore, committed an apparent mistake in applying the higher tax rate. Accordingly, appropriate directions should be issued to the Assessing Officer to levy tax at the correct rate in accordance with Section 115BA of the Act 2. The learned CIT(A) erred both in law and on facts in....
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....f income for AY 2020-21 on 12.11.2020 and opted for Section l15BAA of the Act and paid taxes @ 22% and a copy of ITR form is placed at page nos. 21 to 109 of the paper book and referred page 21 of the same. He further submitted that however, the assessee failed to file Form 10-IC within the prescribed time. He submitted that the CPC processed the return u/s 143(1) of the Income-tax Act, 1961 (for short 'the Act') and denied the benefit of section 115BAA of the Act since Form 10-IC was not filed within the prescribed time and charged tax @ 30%. He submitted that the assessee filed a rectification application u/s 154 of the Act on 19.04.2024 by amending its ITR form and referred page 127 of the PB - rectified ITR form at page nos. 127 to 215 ....
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....harged to tax at 25% (and not 30% as charged by CPC). 4. Further, ld.AR relied on the decision of Bholanath Precision Engineering (P.) Ltd. Vs CIT(A) [2022] 145 taxmann.com 180 (Mumbai - Trib.) wherein the facts in that case are identical to the fact of this case and ITAT in the said decision was pleased to accept the contention of the assessee and held that it is chargeable to tax @ 25% in such situation. 5. In view of his above submissions, he pleaded that the income of the assessee is chargeable to tax @ 25% for the year under consideration and nnecessary directions may be issued. 6. On the other hand, ld. DR of the Revenue relied on the findings of the lower authorities. 7. Considered the rival submissions and material place....
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....year 2016-17 does not exceed Rs. 250 crore, the rate of income tax shall be 25% of the total income. The learned AR by referring to the profit and loss account for the year ending 31/03/2017 submitted that the gross revenue from operations of the assessee was Rs. 10.82 crore and thus in view of the aforesaid provision the rate of tax applicable in case of assessee should be 25%. On the other hand, learned DR submitted that this aspect, now raised by the assessee, be remanded to the AO for factual verification. 12. In view of the submissions made by both sides and having perused the material available on record, we deem it appropriate to remand this issue to the file of AO for necessary verification. We further direct that the tax l....