Case Law Details
Ujjivan Small Finance Bank Vs ADIT (ITAT Bangalore)
In this case The CIT(A) had denied the benefit of lower tax rate u/s 115BAA of the I.T. Act for the reason that the assessee has not filed the return of income on or before the due date specified u/s 139(1) of the I.T. Act. In this context, we notice that the assessee has filed the return within the due date specified u/s 139(1) of the I.T. Act, i.e., on 31.12.2022. Copy of the acknowledgment for filing the return of income u/s 139(1) of the I.T. Act and the ITR-6 are enclosed at pages 108 and 109 of the appeal memo. The fact that the assessee has filed revised return subsequently cannot deny the fact that the assessee has not filed the return u/s 139(1) of the I.T. Act. Since the CIT(A) has erred in holding that the assessee has not filed the return u/s 139(1) of the I.T. Act and denied the benefit u/s 115BAA of the I.T. Act, we reverse the decision of the CIT(A) on this point. Therefore, hold that the assessee is entitled to the benefit of section 115BAA of the I.T. Act. It is ordered accordingly.
FULL TEXT OF THE ORDER OF ITAT BANGALORE
This appeal at the instance of the assessee is directed against CIT(A)’s order dated 02.06.2022. The relevant assessment year is 2020-2021.
2. The grounds raised read as follows:-
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