Denial of lower tax rate benefit u/s. 115BAA for delay in filing of Form 10-IC unjustified: Gujarat HC

V M Procon Pvt Ltd Vs Assistant Director of Income Tax & Anr. (Gujarat High Court) Gujarat High Court held that denial of benefit of lower rate of tax u/s. 115BAA of the Income Tax Act on technical ground of mere delay in filing of Form 10-IC unjustified as all the other conditions duly satisfied. Facts- The petitioner had filed original return of income for Assessment Year 2021-22 on 15.12.2021 declaring total income of Rs. 1,98,03,950/-. By Taxation (Amendment) Ordinance,2019, section 115BAA was inserted in the Act wherein, existing as well as newly formed companies were given liberty to...