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TMI Blog2024 (4) TMI 1050X X X X Extracts X X X X X X X X Extracts X X X X ..... f facts of the case are that the assessee is a private limited company deriving income from business of manufacturing of plain flexible films. The assessee filed its return of income for Assessment Year 2021-22 on 30.12.2021. In the said return of income, the assessee opted for being taxed under Section 115BAA of the Act at a reduced rate of taxation. However, in the intimation issued by CPC under Section 143(1), the tax was calculated by CPC without considering the option under Section 115BAA, opted by the assessee. Accordingly, the CPC computed additional tax demand of Rs. 22,90,650/- on the assessee, by computing the tax under the normal provisions. 3. In appeal before Ld. CIT(Appeals), he dismissed the appeal of the assessee on this is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent and there was no column in ITR asking date of submission of Form No. 10-IC. Perusal of submission of the appellant, it has been noticed that the appellant has not filed Form No. 10-IC before 30.06.2022. In the CBDT circular no. 06/2022, it has been clearly mentioned that in order to avail the benefits of section 115BAA, 3 conditions are required to be fulfilled. One of those condition is that Form 10-IC is to be filed electronically on or before 30.06.2022 or 3 months from the end of the month in which this Circular is issued, whichever is later. In order to get the benefit u/s 115BAA, the appellant has to file application in Form No. 10-IC which is an application for exercise of option under sub-section (7) of section 115BAA of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e period 90 days from the date of 01.03.2022. The relevant portion of the order is placed below the sake of clarity - In cases where the limitation would have expired during the period between 15.03.2020 till 28.02.2022, notwithstanding the actual balance period of limitation remaining, all persons shall have a limitation period of 90 days from 01.03.2022. In the event the actual balance period of limitation remaining, with effect from 01.03.2022 is greater than 90 days, that longer period shall apply. The judgement of the Hon'ble Supreme Court referred by the appellant was in respect of the proceedings which were affecting due to pandemics. The ratio of the said judgement cannot be extended to each and every procedural and mandatory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -IC may be condoned, subject to fulfilling of 3 conditions for claiming the concessional rate of tax under Section 115BAA of the Act. The conditions are as below: (I) the return of income for has been filed on or before the due date prescribed under Section 139(1) of the Act (II) the assessee company has opted for taxation under Section 115BAA of the Act in item (e) of "filing status" in "Part-A-Gen" of the form of return of income ITR-6 and (III) Form No. 10-IC is filed electronically on or before 31.01.2024 or 3 months from the end of the month in which the circular is issued, whichever is later 6. Before us, the Counsel for the assessee submitted that the assessee company has fulfilled all the aforesaid conditions, which is eviden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2024 or 3 months from the end of the month in which the Circular is issued, whichever is later. The Counsel for the assessee submitted that in the instant case, Form No. 10-IC has been filed on 07.11.2023. Therefore, clearly Form No. 10-IC has been filed before 31.01.2024. Further, the Circular referred above has been issued on 23.10.2023 and a period of 3 months expired on 22.01.2024. Therefore, looking at both the timelines, Form No. 10-IC has been filed by the assessee company within the stipulated timelines is granted by the Circular No. 19/2023 dated 23.10.2023. Accordingly, the Counsel for the assessee submitted that the assessee company has fulfilled /satisfied all the conditions as stipulated in the aforesaid Circular No. 19/2023 da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ise of the powers conferred under section 119(2)(b) of the Income-tax Act, 1961 ('the Act'), the Central Board of Direct Taxes ('CBDT') by Circular No. 6/2022 of even number dated 17.03.2022 condoned the delay in filing of Form No. 10-IC as per Rule 21AE of the Income-tax Rules, 1962 ('the Rules') for the previous year relevant to A.Y. 2020-21 in cases where the conditions stipulated in the said Circular are satisfied. 2. Representations have been received by CBDT stating that Form No. 10-IC could not be filed for A.Y. 2021-22 within the due date or extended due date, as the case may be. It has been requested that the delay in filing of Form No. 10-IC for A.Y. 2021-22 may be condoned. 3. On consideration of the m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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