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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 ..... 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. Having regard to the given facts and circumstances, and while applying the decision 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) 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 other requirements of law as available u/s 115BAC(5)(i) of the Act. This appeal is allowed and department is directed to consider the option already expressed to be exercised in the previous Assessment Year, on the basis of Form 10 1E then submitted, subject to the condition that the assessee fulfills all other requirements of law as available u/s 115BAC(5)(i) of the Act. - Shri Rathod Kamlesh Jayantbhai, AM And Shri Narinder Kumar, JM For the Assessee : Shri Utkarsh Mishra, CA For the Revenue : MS. Anita Rines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax regime u/s 115BAC(5)(i) for the said year. Ld. AR has also submitted that the assessee tried his best to upload Form 10 IE afresh for the year under consideration ie. 2023-24, but the system did not allow him to upload the same. Learned AR has urged 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) recorded cogent and convincing reasons for disallowing to the assessee, the benefit of new tax regime i.e. non-furnishing of Form 10IE by the assessee for the last Assessment Year i.e. 2022-23 before or on the date of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opting to continue to opt for new tax regime for the year under consideration i.e. Assessment Year i.e. 2023-24. 9. At this stage, for ready reference, sub-section (5) of section 115BAC(5)(i), needs to be reproduced. Same reads as under:- (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, (ii) having income other than the income referred to in clause (i), alongwith the return of income to be furnished under sub-section (1) of section 139 for a previous year relevant to the assessment year. Provided that the option under clause (1), once exercised for any previous year can be withdrawn only once for a previous year other than the year in which it was exercised and thereafter, the person shall never be eligible to exercise option under this section, except where such person ceases to hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 argued on behalf of the department, as per provisions of subsection (5) of Section 115BAC, in order to avail of such benefits under new tax regime, such Form is required to be uploaded only once. It gives option to the assessee to withdraw the same. Admittedly, the assessee never opted to withdraw said Form 10 IE after having uploaded the same. In this regard, the expression 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, appearing in clause (i) of sub-section (5) of Section 115 BAC of the Act is of much significance. As per said expression, due date relates to furnishing of returns of income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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