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TMI Blog2025 (4) TMI 1204X X X X Extracts X X X X X X X X Extracts X X X X ..... cided to opt for the new regime of taxation u/s 115BAC as applicable for assessment year 2022-23 and accordingly had filed Form No.10-IE on 18.07.2022 as per requirement u/s 115BAC(5)(i) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). However, while filing the return of income on 20.07.2022 i.e. after filing Form No.10-IE, the assessee realized that the new regime of taxation u/s 115BAC is not beneficial to him for which he filed the return of income declaring total income at Rs. 24,01,740/- as per the old regime. The Assessing Officer, CPC processed the return on 07.08.2023 determining the total income at Rs. 64,41,940/- as per the new regime of taxation on the ground that the assessee had exercised the option by filing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raise a new ground of appeal before or at the time of hearing. 5. The Ld. Counsel for the assessee at the outset submitted that the assessee had originally decided to opt for the new regime of taxation u/s 115BAC of the Act and accordingly had filed the Form No.10-IE. However, on realizing that the old regime of taxation is beneficial to the assessee, the assessee filed his return of income on 20.07.2022 declaring total income of Rs. 24,01,740/-. He submitted that at the time of processing of the return, the assessee had already filed the return as per old regime of taxation and therefore, the CPC was not justified in not considering the return of income since the assessee had not fulfilled all the conditions laid down in section 115BAC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r after the 1st day of April, 2024." 6. He submitted that when the assessee has not fulfilled all the conditions laid down in the said provision and has not filed the return of income under the new regime of taxation but has opted to file the return exercising its option for the old regime of taxation, the Ld. Addl./JCIT(A) was not justified in upholding the action of the CPC. 7. The Ld. DR on the other hand while supporting the order of the Ld. Addl./JCIT(A) submitted that section 115BAC of the Act does not provide for withdrawal of the exercised option for the same year, it provides for withdrawal of the option only for the year subsequent to the year of exercising of the option, therefore, the grounds raised by the assessee should be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an admitted fact that although the assessee had originally exercised the option for taxation u/s 115BAC by filing the Form No.10-IE on 18.07.2022, however, the assessee has filed the return of income on 20.07.2022 declaring total income at Rs. 24,01,740/- under the old regime of taxation. It is also an admitted fact that the return was processed on 07.08.2023 which is much after the date of filing of the return. It is not a case that the assessee has filed Form 10-IE and also filed the return under the new tax regime and thereafter filed a revised return withdrawing the option which according to us is not permissible in the said previous year and the assessee can change the option only in the next year. However, in the instant case, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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