9911796707
TMI Blog2024 (3) TMI 1404X X X X Extracts X X X X X X X X Extracts X X X X ..... o furnish audit report before due date of filing return of income, and such audit report was filed during assessment proceedings, the assessee was held to be eligible for deduction under Section 80-IA of the Act. In Web Commerce (India) (P) Ltd.[2008 (12) TMI 13 - HIGH DELHI COURT] also held that once audit report is filed before framing of assessment, the provisions of Section 80-IA (7) would be complied as furnishing of such report at the time of filing of return is directory in nature and not mandatory. It is settled principles under law that appeal is a continuation of assessment proceedings and the ld. CIT(A) has co-terminus power as of AO, therefore, the ld. CIT(A) was required to consider the report in Form 10-IC. Ground of appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee had stated that assessee company while filing the return of income opted to be taxed as per provisions of section 115BAA of the Act. However, CPC while processing the return of income an intimation was issued on 24.12.2021 wherein assessed the total income of the assessee by calculating @ 25% along with surcharge @ 12%, cess @ 4% and interest thereon raising a total demand of Rs. 2,96,02,670/- without taking cognizance of the fact that appellant had duly opted for benefit of the taxation rate u/s 115BAA of the Act. The assessee prayed before the ld. CIT(A) to allow the claim of the assessee by giving an opportunity to file Form No. 10IC of the Act in order to avail the benefit of lower taxation rate u/s 115BAA of the Act. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 for extending time period for filing Form No. 10IC. The condition of Circular was that the return of income was to be filed on or before due date specified u/s 139(1) of the Act and Form 10IC be filed electronically on or before 30.06.2022 or three months from the end of month in which CBDT Circular is issued. The ld. AR stated that the assessee has filed its return of income before issuance of aforesaid circular. The only lapse is on the part of assessee is that they could not upload Form 10IC on ITBA system due to technical glitch on the portal at that point of time when return of income was filed. 7. The ld. AR further submitted that CBDT Circular No. 6/2022 was issued on 17.03.2022 for extending time period for filing Form 10IC after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcular No. 6/2022, the assessee has not uploaded such form before stipulated time as prescribed. Thus, the order of ld. CIT(A) is as per law. 9. We after hearing the rival submission of the parties and perused the material available on record find that the assessee is a domestic company and eligible to avail the benefit of tax u/s 115BAA of the Act, provided the assessee fulfilled the requisite condition for availing such benefit. The point of dispute in the appeal is only in relation to lower authorities are that assessee has not filed Form No. 10IC electronically before due date for filing return of income u/s 139(1) of the Act. The case of the assessee is that Form 10IC could not be uploaded on ITBA portal due to technical glitch and it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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