9911796707
TMI Blog2025 (1) TMI 700X X X X Extracts X X X X X X X X Extracts X X X X ..... on to file the Form 10IC every year to opt for the new regime to get the benefit of reduced tax rate as per provisions of Section 115BAA - now, we are in Assessment Year 2022-23 and the CIT(A) failed to consider that though there was a delay in filing the Form 10IC to get benefit in the AY 2021-22, the same has been filed belatedly on 31/03/2022 and the Assessee has assigned reasons for condoning the delay and the matter is pending. Thus in our considered opinion, CIT(A) cannot deny the Assessee to opt for new regime at least for the Assessment Year under consideration i.e. 2022-23. Considering the fact that the Assessee filed return of income on 30th November, 2022 and Form No. 10IC which was already filed on 31/03/2022, which are well wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 31 March 2022, which are well within the prescribed due date of 30 November 2022. 3. The Ld. CIT(A) has erred in law by contending that benefit under section 115BAA of the Act cannot be claimed for the AY 2022-23 merely because there was a delay in filing Form 10-IC for the AY 2021-22. 4. The Ld. CIT(A) has failed to appreciate that the Appellant has fulfilled all the requisite conditions required under the law for the AY 2022-23 and therefore, it ought to have been granted the option under section 115BAA of the Act for the AY 2022-23. 5. The Ld. CIT(A) has erred in law by contending that invalidation of Form 10-IC for one AY (due to delay in its filing) will lead to a direct Invalidation of the same for subsequent AYs as well. 6. Notwi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the above and any other grounds which may be raised at the time of hearing, it is prayed that necessary relief may be provided. 3. The Assessee filed its return of income at Rs. 24,35,87,070/- and tax liability of Rs. 6,23,25,353/- for Assessment Year 2022-23. The Assessee had filed Form No. 10IC on 31/03/2022 opting for taxation as per the provision of Section 1155BAA from Financial Year 2020-21 (A.Y 2021-22) onwards. An intimation dated 16/03/2023 was issued by the CPC u/s 143(1) of the Income Tax Act, 1961 ( Act for short) for Assessment Year 2022-23 by making some adjustments and denying the benefit claimed by the Assessee u/s 115BAA. Aggrieved by the said intimation of the CPC, Bangalore dated 16/03/2023, the Assessee preferred Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee filed Form 10IC beyond the due date for Assessment Year 2021- 22 and the Form 10IC filed by the Assessee has not been accepted by the Department which is pending before the Ld. CIT(A), therefore, the benefit of provision of Section 115BAA of the Act has been rightly denied by the A.O.to the Assessee, therefore, sought for dismissal of the Appeal. 6. We have heard both the parties and perused the material available on record. There is no dispute that the due date for filing Form 10IC for Assessment Year 2021-22was 15/03/2022 and the Assessee filed return of income on 31/03/2022 along with 10IC for Assessment Year 2020-21. It is also found that the dispute regarding acceptance of Form 10IC belatedly filed by the Assessee for the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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