Form 10-IC Filing Delay is Procedural – ITAT Allows Concessional 22% Tax

KN Support Services Pvt. Ltd Vs DCIT (ITAT Delhi) Assessee, engaged in software development & IT consulting, opted for concessional tax regime u/s 115BAA (22%). It e-filed Form 10-IC on 19.12.2022 & return on 23.12.2022, whereas the extended due date u/s 139(1) was 07.11.2022. CPC processed return u/s 143(1) applying normal tax rate of 30% & MAT u/s 115JB, holding that delayed Form 10-IC invalidated option for concessional regime. CIT(A) upheld. Before ITAT, Assessee explained delay arose due to search on its parent entity by DGGI in Nov 2021, delaying finalization of accounts. It ...