9911796707
TMI Blog2024 (8) TMI 1519X X X X Extracts X X X X X X X X Extracts X X X X ..... laimed the benefit in its return of income filed in Form No. ITR-6 and return was filed well within the time prescribed u/s. 139(1) of the Act. As observed that the assessee has not filed Form No. 10IC for claiming concessional rate of tax but on the other hand CPC, Bengaluru also has not followed the procedure prescribed by the law. It is reasonably assumed that the if the CPC, Bengaluru would have followed the procedure, i.e. giving the assessee a reasonable opportunity of hearing, the assessee would have filed the Form No. 10IC before the CPC, Bengaluru and this technical requirement would have been completed. Jurisdictional AO is directed to give a fresh opportunity to the assessee ignoring this adjustment made by the CPC, Bengaluru a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prejudice to ground no 1 The Learned Asst Director of Income Tax erred in not deducting share of profit from firm of Rs. 88, 88,576/- net figure (share of profit Rs 18950744 less share of firm tax debited Rs 1,00, 62,168/-) which is exempt under section 10 2A which should be reduced from the book profit while calculating MAT under explanation to section 115JB. The appellant craves to add to amend to alter any of the above grounds. 2. The brief facts of the case are that the assessee company is engaged in medical activities and having income from operations and share of profit from JK well women LLP, wherein the assessee is a partner of 40% share. The appellant filed its return of income at Rs. 57, 50,310/-. The return of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ready reference we are reproducing herein below the provisions of section 115BAA of the Act alongwith relevant rule as under: Section - 115BAA, Income-tax Act, 1961 - FA, 2023 Tax on income of certain domestic companies. 115BAA. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other than those mentioned under section 115BA and section 115BAB, the income-tax payable in respect of the total income of a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2020, shall, at the option of such person, be computed at the rate of twenty-two per cent, if the conditions contained in sub-section (2) are satisfied: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said section, determined in such manner as may be prescribed. (3) The loss and depreciation referred to in clause (ii) and clause (iii) of sub-section (2) shall be deemed to have been given full effect to and no further deduction for such loss or depreciation shall be allowed for any subsequent year: Provided that where there is a depreciation allowance in respect of a block of asset which has not been given full effect to prior to the assessment year beginning on the 1st day of April, 2020, corresponding adjustment shall be made to the written down value of such block of assets as on the 1st day of April, 2019 in the prescribed manner, if the option under sub-section (5) is exercised for a previous year relevant to the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... withdrawn for the same or any other previous year. Rule - 21AE, Income-tax Rules, 1962 Exercise of option under sub-section (5) of section 115BAA. 21AE. (1) The option to be exercised in accordance with the provisions of sub- section (5) of section 115BAA by a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2020, shall be in Form No. 10-IC. (2) The option in Form No. 10-IC shall be furnished electronically either under digital signature or electronic verification code. (3) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall-- (i) specify the procedure for filing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty to be heard. As observed that the assessee has not filed Form No. 10IC for claiming concessional rate of tax but on the other hand CPC, Bengaluru also has not followed the procedure prescribed by the law. It is reasonably assumed that the if the CPC, Bengaluru would have followed the procedure, i.e. giving the assessee a reasonable opportunity of hearing, the assessee would have filed the Form No. 10IC before the CPC, Bengaluru and this technical requirement would have been completed. 7. In view of this, the Jurisdictional AO is directed to give a fresh opportunity to the assessee ignoring this adjustment made by the CPC, Bengaluru and the assessee is directed to file the form no. 10IC electronically/before the Jurisdictional AO to comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
