2024 (9) TMI 1691

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e assessee had filed Form 10IC within the prescribed time alongwith return of income, as held by various Hon'ble High Courts including the jurisdictional High Court, the CIT (A) has co-terminus power as that of the AO. CIT (A) is required to consider the report in Form 10IC and, therefore, it will be appropriate to take on record the Form 10IC and consider the same in consonance with the return of income filed by the assessee and after verifying the same, the AO will adjudicate the issue. Assessee appeal partly allowed for statistical purpose.
Ms. Suchitra Kamble, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member For the Assessee : Shri Parin Shah, CA. For the Revenue : Shri N.J. Vyas, Sr. DR. ORDER PER SUCHITRA KAM .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ting therein that non-filing of Form 10IE as per Rule 21AE of the Income Tax Rules, 1962. Intimation under Section 143(1) of the Act dated 14.12.2022 was passed. 4. Being aggrieved by the Intimation Order under Section 143(1) of the Act, the assessee filed appeal before the CIT(A). The CIT (A) has rejected the appeal of the assessee. 5. The Ld. AR submitted that there is no dispute that the assessee is a domestic company engaged in the business of Textile and eligible to avail the benefit to be taxed under Section 115BAA of the Act. The only objection of the Lower Authorities is that the assessee has not filed the Form 10IC electronically before the due date for filing the return of income under Section 139(1) of the Act. The Ld. AR submi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... al No. 1366 of 2008 decided on 02.12.2008) 7) Ramji Mandir Religious and Charitable Trust, 205 ITD 150 (Ahd) 8) Surya Merchants Limited, 387 ITR 105 (All.) 9) Niteshkumar J. Shah (ITA No. 430/Ahd/2022) 6. The Ld. DR submitted that the decisions relied by the assessee are distinguishable on facts as in the present case the assessee has filed the Form 10IC not during the assessment proceedings but at the time of appellate proceedings. Thus, there is exorbitant delay and the same cannot be condoned for granting the calculation of tax rate as per Section 115BAA of the Act. The Ld. DR relied upon the Intimation Order as well as the Order of the CIT(A). 7. We have heard both the parties and perused all the relevant material available .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X