The Appellate Tribunal addressed the rejection of the assessee's claim for a lower tax rate u/s 115BAA...

The Appellate Tribunal addressed the rejection of the assessee's claim for a lower tax rate u/s 115BAA due to non-filing of Form 10IC on time. The CIT(A) dismissed the appeal, emphasizing strict compliance with beneficial provisions. However, the Tribunal noted the timely declaration of intent in the tax audit report, indicating the assessee's bona fide belief in the concessional tax regime. Referring to the Zenith Processing Mills case, the Tribunal held that procedural requirements like Form 10IC can be fulfilled during assessment proceedings. Emphasizing substantive benefits over procedural lapses, the Tribunal cited the G.M. Knitting Industries case, stating that timing of claim submission is directory. The Tribunal highlighted CBDT Cir..... .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X