Case Law Details
Bholanath Precision Engineering Pvt. Ltd. Vs CIT (A) (ITAT Mumbai)
Section 115BAA was introduced in the Act by Taxation Laws (Amendment) Act, 2019, with effect from 01/04/2020, for the purpose of granting benefit of reduced corporate tax rate for the domestic companies. In order to avail the benefit, such companies will have to exercise the option in the prescribed manner on or before the due date specified under section 139(1) for furnishing the return of income for any previous year relevant to the assessment year commencing on or after 1st day of April 2020. As per Rule 21AE of the Income Tax Rules, 1962, such option can be exercised by the domestic company in Form 10-IC in the manner prescribed under the said Rules. It is undisputed that for the relevant assessment year the due date for filing the return of income was extended to 15/02/2021, and the return of income was filed by the assessee on 15/01/2021. However, the assessee did not file Form 10–IC before the due date of filing the return of income, i.e. 15/02/2021, in the present case, which is mandatory condition for claiming the option available under section 115BAA of the Act.
In support of its plea that Form 10-IC can be filed even after the due date prescribed for furnishing the return of income, the learned AR placed as upon the decision of coordinate bench of Tribunal in Suminter India Organics Private Ltd vs DCIT, in ITA No. 889/Mum/2022, vide order dated 26/07/2022 for the assessment year 2020–21. From the careful perusal of the aforesaid decision we find that the coordinate bench of the Tribunal held that the time permitted for filing Form 10-IC by virtue of section 3(1)(b) of Taxation and Other Laws (Relaxations and Amendment of Certain Provisions) Act, 2020, must be treated as 31/03/2021, even as the time permitted for filing the income tax return under aforesaid section, in light of the 3rd proviso to section 3(1) of said Act and read with subsequent notification, was only up to 15/02/2021. The learned AR, during the hearing, fairly submitted that in the present case Form 10-IC has not been filed by the assessee till date. Thus, in view of the above, we find no infirmity in the impugned order passed by the learned CIT(A) on this issue. We may, however, clarify that our findings on this issue shall not affect any other alternative remedy available/pursued by the assessee. Accordingly, ground No.1 raised in the assessee’s appeal is dismissed.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
The present appeal has been filed by the assessee challenging the impugned order dated 07/07/2022 passed under section 250 of the Income Tax Act, 1961 („the Act‟) by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [„learned CIT(A)‟], which in turn arose from the intimation dated 18/12/2021, issued under section 143(1), for the assessment year 2020-21
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Any one aware whether any further appeal is preferred by assessee against the order of ITAT?