ITAT Mumbai Allows Section 115BAA Relief Despite Delay in Form 10-IC

Staubli Tec Systems India Private Limited Vs ITO (ITAT Mumbai) The appeal concerns the assessee’s challenge to the order of the CIT(A) dated 20 April 2024 for Assessment Year 2020–21. While multiple grounds were raised, the key issue before the Tribunal related to the denial of concessional tax rates under Section 115BAA of the Income-tax Act, attributed to the assessee’s delay in filing Form 10-IC, which is required for opting for the lower tax regime. The assessee had filed its return of income on 11 February 2021 declaring an income of ₹8.70 crore and opted for taxation under Sectio...