Concessional Section 115BAA Tax Rate Allowed Due to Timely Filing of Form 10-IC

Osttra India Services Private Limited Vs ACIT (ITAT Delhi) 115BAA Option Valid – ITAT Deletes CPC Demand After Holding Form 10-IC Filed Within Due Date Assessee filed return for AY 2023-24 declaring income of ₹34.17 crore & opting for concessional tax regime u/s 115BAA. CPC processed the return u/s 143(1) & denied 115BAA benefit, applying tax @30% instead of 22%, raising a demand of ₹3.28 crore on the ground that Form 10-IC was filed beyond the due date. CIT(A) confirmed CPC’s action, relying on due date of 07-11-2022 for AY 2022-23 & holding that the option u/s 115BAA was ...