Concessional Section 115BAA Tax cannot be Denied Solely for Procedural Lapse in Form Filing

 Surat Smart City Development Limited Vs PCIT (Gujarat High Court) The petition before the Gujarat High Court challenged an order dated 6 October 2023 passed by the Principal Commissioner of Income Tax under Section 119(2)(b) of the Income Tax Act, 1961. The authority had rejected the petitioner company’s request to condone delay in filing Form 10-IC for opting into the concessional corporate tax regime under Section 115BAA. The petitioner, a public limited company, filed its return of income for Assessment Year (AY) 2020–21 on 31 December 2020, declaring income of ₹11.38 crore. While f...