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2024 (4) TMI 1050 - AT - Income TaxDenial of benefit u/s 115BAA of reduced rate of tax @22% - Domestic Companies - Condonation of delay in filing of Form No. 10-IC by the assessee - scope of circulars or directions amending provisions of the Act - assessee submitted that CBDT has issued Circular No. 19/2023 for condoning the delay in filing of Form No. 10-IC for Assessment Year 2021-22 as stated that delay in filing of Form No. 10-IC may be condoned subject to fulfilling of 3 conditions for claiming the concessional rate of tax under Section 115BAA of the Act. HELD THAT - On going to the facts of the instant case and the conditions as stipulated in Circular No. 19/2023 dated 23.10.2023 we are of the considered view that the assessee has fulfilled all the conditions as mentioned in the aforesaid Circular and the assessee has also filed Form No. 10-IC within the stipulated timelines as specified in the aforesaid Circular and accordingly is eligible for claim of being taxed under Section 115BAA of the Act. Appeal of the assessee is allowed.
Issues involved:
The appeal against the order passed by the Ld. Commissioner of Income Tax (Appeals) regarding the failure to file Form 10-IC u/s 115BAA of the Act within the stipulated period. Summary of Judgment: Issue 1 - Failure to file Form 10-IC within the stipulated period: The assessee, a private limited company, filed its return of income for AY 2021-22 opting for taxation u/s 115BAA of the Act. However, the CPC calculated tax without considering this option, resulting in additional tax demand. The Ld. CIT(A) dismissed the appeal, citing non-compliance with Circular No. 06/2022 requirements. The appellant argued that CBDT's Circular No. 19/2023 condoned the delay in filing Form 10-IC for AY 2021-22, subject to fulfilling specified conditions. The appellant demonstrated meeting all conditions, including timely filing of return and Form 10-IC. The Tribunal held that the assessee satisfied all conditions as per Circular No. 19/2023, making them eligible for the concessional rate of taxation u/s 115BAA of the Act. The appeal was allowed based on compliance with the circular.
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