Concessional Tax Rate Cannot Be Denied Solely for Form 10-IC Late Filing: ITAT Delhi

Bansal Corelam Pvt. Ltd Vs ITO (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal considered whether the assessee was entitled to opt for the concessional tax regime under Section 115BAA of the Income-tax Act despite filing Form 10-IC after the due date prescribed under Section 139(1). The assessee, a private limited company, had filed its return of income for AY 2021-22 belatedly on 30.03.2022 after the extended due date of 15.03.2022. Although the assessee had opted for taxation under Section 115BAA in its return and declared total income accordingly, Form 10-IC was filed on 1...