9911796707
TMI Blog2024 (7) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... th Rule 21AE of the Income-Tax Rules,1962 - HELD THAT:- From the findings recorded by the Tribunal, it is noticed that the assessee while filing return of income opted to be taxed as per provisions of Section 115BBA of the Act. However, it could not upload Form No.10-IC on account of technical problem on ITBA portal at the relevant time. During relevant period, the time to file Form 10IC was extended up to 30.06.2022. The assessee filed such Form before AO on 29.06.2022. The copy of such form was placed before CIT(A). It is also not in dispute that this is the first year, in which, the assessee was to avail such benefits. Form 10-IC was furnished by the assessee on 29.01.2022 and therefore, we are of the opinion that since the assessee coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act, it preferred an appeal before Ld.CIT (Appeal). The Ld.CIT (Appeal) vide order dated 11.10.2022 confirmed the order of Assessing Officer on the ground that filing of Form No.10-IC electronically, on or before the due date of filing of return is the mandatory requirement as per sub-section (5) of section 115BAA of the Act read with Rule 21AE of the Income-Tax Rules,1962. 4. Against the order of Ld.CIT (Appeal), the assessee preferred appeal before the Ld.ITAT and Ld.ITAT vide order dated 11.05.2023 allowed the appeal of the assessee. Aggrieved by the same, the present appeal is filed, proposing following substantial questions of law : (i) Whether on facts and in the circumstances of the case and in law, the Ld. Tribunal was justifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1962, the assessee company is required to submit Form 10-IC electronically on or before the due date of filling of return of income under section 139(1) of the Act and once such option is exercised, the same shall apply to subsequent assessment years. Learned counsel submitted that failure to furnish From 10-IC, in the prescribed Form on or before the due date specified under section 139(1) of the Act results in denial of concessional rate of tax of twenty-two percent to such person and therefore, there is no illegality in the order of Assessing Officer, confirmed by the Ld.CIT (Appeal). He placed reliance on the findings recorded by the Ld.CIT (Appeal). 6. The ITAT in the order dated 11.05.2023 has held as under: 7. We have considered the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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