ITAT ruled in favor of taxpayer regarding eligibility under ...

Taxpayer Eligible for Section 115BAA Benefits Despite Previous Year's Late Form 10-IC Filing

February 19, 2025

Case Laws Income Tax AT

ITAT ruled in favor of taxpayer regarding eligibility under Section 115BAA for AY 2022-23, despite late filing of Form 10-IC for AY 2021-22. While benefits may be denied for AY 2021-22 due to delayed submission after March 15, 2022 deadline, the Form 10-IC filed on March 29, 2022, remains valid for subsequent years including AY 2022-23. The Tribunal emphasized that Section 115BAA is beneficial legislation aimed at providing reduced taxation for domestic companies, and its application for future years cannot be restricted due to technical delays in earlier periods. The provision's clear statutory language supports continuous application once the option is exercised, regardless of initial filing timing.

View Source

← Previous Next →

ITAT ruled in favor of taxpayer regarding eligibility under ...

Taxpayer Eligible for Section 115BAA Benefits Despite Previous Year's Late Form 10-IC Filing

February 19, 2025

Case Laws Income Tax AT

You may also like:

Denial of benefit u/s 115BAA - while filing its return of income as it was unable to upload Form 10-IC due to technical glitches - Scope of CBDT circular - Despite the...

The High Court considered the issue of availing concessional tax rate u/s 115BAA and the requirement of electronically filing Form 10-IC. The assessee was taxed u/s...

Denial of benefit u/s 115BAA of reduced rate of tax @22% - Domestic Companies - Condonation of delay in filing of Form No. 10-IC by the assessee - The Appellate Tribunal...

Once a company validly opts for the concessional tax rate u/s 115BAA for an assessment year, it is not required to exercise the option again for subsequent years, unless...

Denial of benefit of lower 22% tax rate u/s 115BAA due to delay in filing Form 10-IC by petitioner. Petitioner filed return of income in ITR-6 form, exercising option...

The Appellate Tribunal (ITAT) considered whether the Central Processing Centre (CPC) was justified in denying the benefit of the New Tax Regime to an individual taxpayer...

Benefit of Reduction of late fee in case of delayed filing of FORM GSTR-5A withdrawn.

Assessee's claim for foreign tax credit u/s 90 allowed despite delay in filing Form No. 67 after due date of filing return u/s 139(1). Delay in filing Form 67 cannot...

Validity of reassessment proceedings questioned due to delayed digital submission of Form 10. Emphasis on due disclosure over procedural digital filing requirements....

Filing of Form 10-IE to opt for the new tax regime u/s 115BAC is directory, not mandatory. If filed before assessment, the Assessing Officer must consider it. The...

Denial of benefit of lower rate of tax @ of 22% u/s 115BAA - failure to file Form 10-IC - Petition directed to approach CBDT for condonation of delay - HC

Benefit of accumulation of income u/s.11(2) - denial of claim on non-submission of Form No.10 along with return of income - In this case, the assessee claims that...

Exemption u/s 11 - delayed filing of Form No.10 - disallowance of benefit of accumulation of income as per section 11(2) - ITAT has held in a number of decisions that...

The ITAT Delhi held that denial of Foreign Tax Credit (FTC) claim due to late filing of Form 67 after the due date of filing Income Tax Return (ITR) was not justified....

This circular from the Central Board of Direct Taxes (CBDT) condones the delay in filing Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22, and...

Quick Updates: