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TMI Blog2024 (8) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... his option to opt for new tax regime and hence has followed the procedure laid down under the Act. We therefore have no hesitation to set-aside the order of the Revenue Authorities and allow the appeal of the assessee. - Shri Duvvuru Rl Reddy, Hon ble Judicial Member And Shri S. Balakrishnan, Hon'ble Accountant Member For the Assessee : Shri C. Subrahmanyam, AR For the Department : Dr. Aparna Villuri, Sr. AR ORDER PER S. BALAKRISHNAN (AM) 1. This appeal is filed by the assessee against order of the Learned Commissioner of Income Tax (Appeals)-1, Pune [hereinafter in short Ld.CIT(A) ] vide DIN Order No. ITBA/APL/S/250/2023-24/1060636402(1) dated 08.02.2024 for the A.Y. 2023-2024. 2. At the outset, it is noticed from the appeal record t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a delay of 71 days. 3. In light of the above, it is respectfully submitted that this delay in filing the appeal belatedly was not as a result of any negligence or lack of diligence, but solely due to the unfortunate and unforeseen circumstances surrounding assessee health. Doctor's certificate in support of petition is attached herewith. 4. I understand the importance of adhering to statutory timelines and sincerely apologize for this delay. 5. I humbly pray the Honourable Bench for favorable consideration of this delay. 3. On perusal of the contents of the affidavit filed by the assessee and medical records as well as the submission of the Ld. AR, we find that the assessee is prevented by a reasonable and sufficient cause in filing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , vide order u/s 250 of the IT Act dt. 08/02/2024, is fundamentally flawed and contrary to the facts and provisions of law. 2. The disallowance of claim for opting to the provisions of sec. 115BAC of IT Act for levy of tax under new tax regime is unjustified. 3. The Ld. JCIT(A) failed to take cognizance that there is no requirement of filing Form 10IE for salaried employees filing tax returns in ITR-2 returns in ITR-2i n view of this assessee is rightly entitled for new tax regime u/s 115BAC of the IT Act, 4. It is pertinent to note that Form 10IE is mandated for assessee's having business income, whereas the sole source of income for the Appellant is salary income. Hence, the decision of the Ld.JCIT(A) is not only erroneous but also co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) of the Act, which reads as under: - Section 115BAC (5) Nothing contained in this section shall apply unless option is exercised in the prescribed manner by the person, (i) having income from business or profession, on or before the due date specified under sub-section (1) of section 139 for furnishing the returns of income for any previous year relevant to the assessment year commencing on or after the 1st day of April, 2021, and such option once exercised shall apply to subsequent assessment years; 10. From the plain reading of the above section, it is very clear that the assessee who is having income from business or profession shall only exercise option under the New Tax Regime by filing Form 10-IE of the Act and it is not applicable ..... X X X X Extracts X X X X X X X X Extracts X X X X
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