Indiano Chrome Private Limited Vs Dy. Director of Income Tax (ITAT Kolkata)
Income Tax Appellate Tribunal (ITAT) Kolkata has allowed an appeal by Indiano Chrome Private Limited, directing the Assessing Officer (AO) to grant the company the benefit of Section 115BAB of the Income Tax Act, 1961, for Assessment Year (AY) 2023-24. This section provides for a concessional tax rate of 15% for eligible new domestic manufacturing companies.
Indiano Chrome Private Limited had filed its income tax return for AY 2023-24, claiming taxation under Section 115BAB. However, in the intimation issued under Section 143(1) of the Act on May 27, 2024, the company was denied this benefit. The company subsequently appealed the decision to the Commissioner of Income Tax (Appeals), who upheld the denial.
Before the ITAT, the assessee’s representatives, Mr. Sanjay Dixit and Mr. Rajeev Kumar Agarwal, argued that the company had duly complied with the requirements of Section 115BAB(7) by filing Form 10-ID. They stated that Form 10-ID was filed on October 7, 2022, for AY 2022-23 (Financial Year 2021-22), which was the first year of the company’s manufacturing commencement (August 15, 2021). The form was filed before the due date for filing the income tax return for AY 2022-23, as prescribed under Section 139(1) of the Act.
