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TMI Blog2024 (5) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... evious year under consideration and other provisions of this Act shall apply, as if the option had not been exercised for the assessment year relevant to that previous year. Since the assessee in this case though filed the return after the due date which was not processed under the new tax regime but the said return is required to be proceeds as per the old provision of the Act and after considering the provision of section 80AC - Since, the standard deduction, deduction u/s 80C and 80TTA is required to be tested as per the evidence that the assessee is supposed to produced. Since the assessee was not provided an opportunity of being heard before processing the return of income, we feel it in the interest of the natural justice that the assessee shall provide the details connected to the claim before the ld. AO on merits a fresh in the interest of equity and natural justice. Thus we hold to remand the matter back the matter to the file of the AO who will decide the issue based on evidence and submission of the assessee. Appeal filed by the assessee is allowed for statistical purposes. - Dr. S. Seethalakshmi, JM Shri Rathod Kamlesh Jayantbhai For the Assessee : Sh. Vishnu Khandelw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80TTA and also the standard deduction of Rs. 50,000/-. In this case the due date of filing return of income was 31.07.2022. However, the appellant has not filed return of income on time. He has filed return of income on 02.08.2022. The appellant has also not submitted Form 10-IE filing of return. He has filed Form 10-IE on 02.08.2022. Form 10-IE is to submitted for exercising the option of new tax regime u/s 115BAC of the I.T. Act. The appellant has declared profit and gains from business or profession of Rs. 10,55,900/-. The assessees having business or profession income need to fill up Form 10-IE and submit this every year on or before the due date of filing of return. Non filing of Form 10-IE on or before the due date of filing of return will not entitle the assessee to avail the benefit of section 115BAC of the I.T. Act. Therefore, the Assessing Officer's action of rejecting the option of section 115BAC and make the order u/s 143(1) under old scheme is upheld. Further it is seen that appellant has not claimed deduction of Rs. 1,50,000/- u/s. 80C, deduction of Rs. 10,000/- u/s. 80TTA and also the standard deduction of Rs. 50,000/- in the return of income filed by him. The ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s raised a demand of Rs. 86620/- TO SUBSTANTIATE THE GROUND TAKEN IN THE APPEAL MY SUBMISSION IS AS UNDER: 1. That during the year under consideration assessee has earned income under the following heads: Income from Salary : Rs.122333/- Business Income : Rs.1055900/- Capital gain : Rs.48304/- Other Sources : Rs.1498403/- In the income from other sources, Interest on Saving Bank of Rs. 15210/- has been included. In addition to above assessee has made investments/expenses qualifying for deduction u/s 80C amounting to Rs. 150000/-. 2. Standard Deduction of Rs. 50000/- has not been given : That while making intimation, assessing officer has not given standard deduction of Rs. 50000/- which is available and eligible under the taxation of Normal Provision. Undisputedly, assessing is earning income from Salary and there is standard deduction of Rs. 50000/- from the income of salary under the taxation of Normal Scheme. As the assessing officer has not given the benefit of taxation under New tax regime u/s 115BAC and make the assessment under the normal provisions, it was the duty of the A.O. to give standard deduction of Rs. 50000/- As the A.O. has not given aforesaid deduction, it is hum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or a Hindu undivided family, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021 73 [ but before the 1st day of April, 2024 ] , shall, at the option of such person, be computed at the rate of tax given in the following Table, if the conditions contained in sub-section (2) are satisfied, namely: TABLE xxxxxxxx Provided that where the person fails to satisfy the conditions contained in subsection (2) in any previous year, the option shall become invalid in respect of the assessment year relevant to that previous year and other provisions of this Act shall apply, as if the option had not been exercised for the assessment year relevant to that previous year: Provided further that where the option is exercised under clause ( i ) of subsection (5), in the event of failure to satisfy the conditions contained in subsection (2), it shall become invalid for subsequent assessment years also and other provisions of this Act shall apply for those years accordingly. xxxxxxx Thus, considering the ..... 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