Case Law Details
Traxit Engineers Pvt. Ltd. Vs Assessing Officer (ITAT Mumbai)
Introduction: The case of Traxit Engineers Pvt. Ltd. vs Assessing Officer, decided by the Income Tax Appellate Tribunal (ITAT) Mumbai, revolves around the applicability of Section 115BAA of the Income Tax Act, 1961, and the procedural lapses in filing Form 10IC for availing the lower tax regime. This article provides a comprehensive analysis of the case, exploring the grounds of appeal raised by the assessee, the findings of the Commissioner of Income Tax (Appeals) (CIT(A)), and the subsequent adjudication by the ITAT Mumbai.
Background: Traxit Engineers Pvt. Ltd., a private company, filed its income tax return for the Assessment Year (AY) 2020-21, declaring a total income of Rs. 1,06,77,810. The company opted for the concessional tax rate under Section 115BAA of the Income Tax Act and paid tax accordingly. However, the Central Processing Centre (CPC) processed the return under Section 143(1) and calculated the tax at a higher rate. Dissatisfied, the assessee appealed to the CIT(A), challenging the denial of the concessional tax rate.
Grounds of Appeal: The appellant raised several grounds before the CIT(A), focusing on the applicability of Section 115BAA and the challenges faced in filing Form 10IC. The key contentions include:
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