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TMI Blog2025 (1) TMI 447X X X X Extracts X X X X X X X X Extracts X X X X ..... ate and Renting Services-operating real estate of self-owned buildings (residential and non-residential). Appellant claims that he has been wrongly deprived of the benefits of new tax regime only because his Form 10IE furnished in relation to last assessment year i.e. 2022-23, was uploaded late. 2. Vide order dated 10th Jan, 2024, the assessee was disallowed benefit of new tax regime due to the only reason that Form 10 1E required to be submitted before or at the time of filing of ITR, was submitted late. Feeling aggrieved by said order, the assessee filed appeal before CIT(A). Learned CIT(A) has dismissed the appeal filed by the assessee. In that appeal, the assessee had challenged order dated 10th Jan, 2024 passed by CPC, u/s 143(1) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the requirement of furnishing of Form 10 IE within the prescribed period i.e. before or on the date of filing of ITR is merely directly and not mandatory, and as such the department should have considered the option expressed to be exercised for the year under consideration. In support of his contention, Ld. AR has relied on following decisions by Co-ordinate Benches of ITAT. * Pran Panda vs. ITO in ITA No. 1509 & 1510/Kol/2024 dated 04.11.2024 * Harbans Singh vs. AO, CPC [2024] 165 taxmann.com 146 (Amritsar-Trib) dated 24.07.2024 * Akshay Devendra Birari vs. DCIT, CPC, [2024] 164 taxmann.com 58 (Pune-Trib.) dated 05.06.2024 6. On the other hand, ld. DR for the department has contended that in the impugned order, CIT(A) recorde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ITR for the specific Assessment Year, and further that in case the taxpayer before does not do so, benefit of tax rate under the new tax regime can be denied to him. With said observations, ld. Commissioner of Income Tax (Appeal) upheld the disallowing to the appellant to have benefits of or opt for new tax regime. 8. New tax regime was introduced by way of major incentives in the Budget of the year 2023. In order to avail of the benefits of the new tax regime, assessee was required to furnish Form 10 IE before or on the date of filing of new tax regime. It is not in dispute that said Form submitted after the given date was not considered by the department for the Assessment Year 2022-23. As is available from the impugned order passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le to exercise option under this section, except where such person ceases to have any income from business or profession in which case, option under clause (ii) shall be available." 10. No doubt, whenever, an assessee intends to avail of benefits of new tax regime, he or she is required to furnish Form 10 1E within the prescribed period. 11. We find that in the case of Pran Panda's case(supra), Co-ordinate Bench of Kolkata ITAT condoned the delay filing Form 10 IE and directed the Assessing Officer to grant benefits of concessional rate u/s 115BAC(5)(i) of the Act even though the assessee had failed to file Form 10 IE within the prescribed period. It was observed that because of the procedural lapse on the part of the assessee, there was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the department only on the ground of same having been submitted or uploaded late i.e. beyond the prescribed period/date. 12. We are told by Learned AR for the appellant and Ld.DR for the department that in case such an assessee, whose Form 10 1E submitted for the previous assessment year was not considered same having been uploaded by the assessee after the due date, intends to furnish said Form for the very next Assessment Year, the system would not accept the same. Learned AR for the appellant has drawn our attention to the steps taken by the assessee to upload said Form afresh for the year under consideration, and further that said effort was not successful as the system did not accept said Form for the year under consideration. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he due date for furnishing of ITR for the very next Assessment Year. There is nothing to suggest that permitting an assessee to continue to opt on the basis of previously submitted Form or allowing him to furnish fresh Form for the very next assessment year, is going to cause any loss of revenue to the State. 13. Having regard to the given facts and circumstances, and while applying the decisions cited by ld. AR for the appellant, we deem it a fit case to allow the assessee to avail of benefit of concessional rate u/s 115BAC(5)(i) of the Act, for the year under consideration i.e. AY 2023-24, on the basis of option already expressed to be exercised in the previous Assessment Year, subject to the condition that the assessee fulfills all oth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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