2024 (10) TMI 1842

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....BAB of the Act, which is a debatable issue, without providing any justification which is beyond the jurisdiction u/s 143(1) of the Act; Non granting of sufficient opportunity of being heard: 3. Erred in not considering the adjournment application filed by the Appellant on 20/05/2024 and in passing the order without according sufficient opportunity of being heard to the Appellant and thereby violates the principles of natural justice; Absence of 'Reasoned Decision' mandatory facet of 'Audi Alteram Partem' 4. Erred in upholding the order of Ld.AO(CPC) passing the intimation under section 143(1) of the Act without assigning any reason or passing a speaking order, thus the action of Ld. CIT(A) is without application of mind and hence, the order of the Ld. CIT(A) is bad in law and ought to be quashed. Claim u/s 115BAB of the Act 5. Erred in holding that the Appellant was not entitled to avail benefits of section 115BAB of the Act without appreciating the facts that the Appellant made a substantive claim for benefit in accordance with Section 115BAB(7) of the Act and filed Form 10-ID before filing its first return of i....

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.... for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2020, shall, at the option of such person, be computed at the rate of fifteen per cent, if the conditions contained in sub-section (2) are satisfied: Provided that where the total income of the person, includes any income, which has neither been derived from nor is incidental to manufacturing or production of an article or thing and in respect of which no specific rate of tax has been provided separately under this Chapter, such income shall be taxed at the rate of twenty-two per cent and no deduction or allowance in respect of any expenditure or allowance shall be allowed in computing such income: Provided further that the income-tax payable in respect of the income of the person deemed so under second proviso to sub-section (6) shall be computed at the rate of thirty per cent: Provided also that the income-tax payable in respect of income being short term capital gains derived from transfer of a capital asset on which no depreciation is allowable under the Act shall be computed at the rate of twenty-two per cent: Provided also that where the perso....

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....f this clause, the condition specified therein shall be deemed to have been complied with; (iii) does not use any building previously used as a hotel or a convention centre, as the case may be, in respect of which deduction under section 80-ID has been claimed and allowed. Explanation .- For the purposes of this sub-clause, the expressions "hotel" and "convention centre" shall have the meanings respectively assigned to them in clause (a) and clause (b) of sub-section (6) of section 80-ID; (b) the company is not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to, or distribution of, such article or thing manufactured or produced by it.   Explanation .- For the removal of doubts, it is hereby clarified that the business of manufacture or production of any article or thing referred to in clause (b) shall not include business of,- (i) development of computer software in any form or in any media; (ii) mining; (iii) conversion of marble blocks or similar items into slabs; (iv) bottling of gas into cylinder; (v) ....

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....shall apply unless the option is exercised by the person in the prescribed manner43 on or before the due date specified under sub-section (1) of section 139 for furnishing the first of the returns of income for any previous year relevant to the assessment year commencing on or after 1st day of April, 2020 and such option once exercised shall apply to subsequent assessment years: Provided that once the option has been exercised for any previous year, it cannot be subsequently withdrawn for the same or any other previous year. Explanation .- For the purposes of section 115BAA and this section, the expression "unabsorbed depreciation" shall have the meaning assigned to it in clause (b) of sub-section (7) of section 72A.] 6.2 The main condition as per Sec 115BAB(2)(a) is that the company has been set-up and registered on or after the 1st day of October, 2019, and has commenced manufacturing or production of an article or thing on or before the 31st day of March, 40[2024] - Therefore the company has to commence manufacturing and production of article or thing on or before the 31st day of March, 40[2024] - The Return of the appellant was perus....

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....that the CPC had passed intimation on 26/11/2023 and also the Ld. CIT(A) had also passed order on 27/05/2024. It was submitted that both the authorities i.e. CPC and the Ld. CIT(A) were not having the benefit of examining the fact whether the assessee had commenced its manufacturing activities prior to 31/03/2024 or not. It was submitted by the Ld.AR that as per the record filed before us, the assessee had commenced its manufacturing activity before 31/03/2024 and for that purpose, he had drawn our attention to page No.28 to 54 of the paper book which consist of all the documents showing the consent letter from the Pollution Control Board as well as invoices for sale of goods along with supporting documents. It is the case of the Ld.AR that the above said document clearly shows that the manufacturing of the articles has started prior to 31/03/2024 and therefore, the assessee was entitled to benefit of lower tax regime u/s 115BAB of the Act. It was also the contention of the Ld.AR that the assessee is put to a precarious and catch-22 situation, where by virtue of Income tax Act, 1961, the assessee was required to file the return of income for previous year, despite the fact that the....

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.... available on record. Section 115BAB reproduced by the Ld. CIT(A) in paragraph 6.1 (supra) of his order clearly postulates for fulfilment of the conditions mentioned therein namely, that the company must have been set up on or after 01/10/2019 and the said company has commenced manufacturing or production of article or thing on or before 31/03/2024. 10. Form 10ID of the Act provides that any new manufacturing domestic company can opt to pay tax at a concessional tax rate of 15% u/s 115BAB of the Act subject to certain conditions. To fulfil the conditions, it is essential to file Form 10ID on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the first assessment year commencing on or after first day of April 2020 to avail the benefit. Admittedly FAQs on Form 10ID is reproduced hereunder for the sake of clarity. 1. What is Form 10-ID? New Manufacturing Domestic Companies can opt to pay tax at a concessional tax rate of 15% (plus applicable surcharge and cess) under Section 115BAB of the Income Tax Act, 1961 subject to certain conditions. In order to do so, it is essential to file Form 10-ID on or befo....

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....bable for an assessee to file Form 10ID after setting up of the manufacturing unit immediately before the commencement of production for the first assessment year. If we ask the assessee to file Form 10ID for certifying that the manufacturing activity has commenced, before its actual commencement, in our view that would amount to asking the assessee to do the impossible. Hence, in our view, if the assessee is able to prove that the assessee has commenced activities before 31/03/2024, that would be sufficient compliance of the Act and a subsequent commencement of activity after filing the return of income and Form 10ID should factor in and take into account the subsequent commencement of the manufacturing activity albeit prior to 31/03/2024. Further FAQs on Form 10ID, which are available in the website of the Income Tax authority clearly provide that the assessee is not required to file fresh Form 10ID after filing it along with the first return of income for the first assessment year. The contradiction is clear that even if the assessee has not commenced its activities, the assessee was required to file the certificate showing the commencement of business activities and manufacturi....

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....ुड़ करव प्लेट लिमिटेड मला : उन कुलर, इसे ब्लॉक बी हंगा , जयपुर में को रोखपेट, हैल्थक्क लेलेबना 500881 झेंडेया 194: 91-9491979995 स्थायी खाता संख्या : अचारआवास । निर्वहन वर्ष 2017-24 फे में : सारा पत्र संदर्भ संख्या : 2018 निर्धारण वर्ष 2023-24 के लिए आपकी विवरणी को संसाधà¤....

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....¤•à¤¾ कुल देय राशि / देव प्रतिमाम a # एवं कर्मचा बंगाल रूप आयकर निर्येताक की.सीजी, बैंगलुरु Click here for English version धारा 143(1) के तहत सूचना आयकर केन्द्र CENTRALIZED PROCESSING CENTER INCOME TE DEPARTMENT सूत्र खलुल्य काचो प्राईवेट लिमिटेड स्थायी खाता संख्या MAKETRUTH I शिवगण पर्य 3013-04 । पाकी हैं. :482360301211003 । पत्र à....

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.... पर का प्रभार्य आप # 0 ( भाव 115066 के उत्ताना विशेष कर पर कद प्रधान ग्राम # 0 12 अध्याय MA के एक के ---- # 4 बक्सर : का भाग # 0 lci कुल 1128 + Tabl # # 13 पास team के तहत क्लैते # 0 14 हुज़ क्षर 20+/19-2101-31 # Q 15 विशेष करहां कह कर प्रचार्य आप # ए 18 कमान दर्द पर कर बभाई आय दावनाला # 0 12 कुछ दुनि आम # Q II आर्गे ले जà¤....