ITAT Delhi allowed Section 115BAA Benefit despite Delay in Form 10-IC

Welkin Industries Private Limited Vs ITO (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee and held that the benefit of the concessional tax regime under Section 115BAA of the Income-tax Act, 1961 could not be denied merely because Form 10-IC was filed with a delay of 22 days. The assessee had filed its return of income for AY 2022-23 under Section 139(4) on 20.12.2022 and had opted for the concessional corporate tax rate of 22% under Section 115BAA. Form 10-IC, prescribed under Rule 21AE(1), was e-filed on 29.11.2022. While processing ...