INTELLIQUITY CONSULTING SERVICES PRIVATE LIMITED,MUMBAI vs. CIRCLE 4(2)(1), MUMBAI

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI

BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT AND SHRI MAKARAND VASANT MAHADEOKAR, ACCOUNTANT MEMBER

ITA No.2992/Mum/2026 (Assessment Year: 2020-21)

Intelliquity Consulting Services Private Dy. CIT, Circle-4(2)(1) Limited Aayakar Bhavan, M. K. Road, 1501, 15th Floor, One Lodha Place, New Marine Lines, Vs. Senapati Bapat Marg, Lower Parel, Mumbai-400 020 Mumbai-400 013

PAN/GIR No. AAECI 8975 P (Appellant) : (Respondent)

: Shri Mandra Vaidya Appellant by Respondent by : Shri Ajay Soneji, Sr. DR

Date of Hearing : 24.07.2026 : 13.08.2026 Date of Pronouncement

O R D E R Per Saktijit Dey, Vice President:

Captioned appeal by the assessee arises out of order dated 15.01.2026 of learned

Commissioner of Income Tax (Appeals), Mumbai (‘ld.CIT(A) for short) dated for the

assessment year (A.Y.) 2020-21.

returned by the assessee.

year under dispute, the assessee filed its return of income declaring total income of

Rs.57,60,190/-. While computing the tax liability on the income returned, the assessee

applied the rate of 25% referring to section 115BA of the Act. While processing the return

2 ITA No. 2992/Mum/2026 (A.Y.2020-21) Intelliquity Consulting Services Private Limited vs. Dy. CIT of income, the Centralized Processing Centre (CPC) did not allow the beneficial tax rate

of 25%, instead taxed the income @ 30%.

before learned first appellate authority. However, learned first appellate authority declined

to accept assessee’s claim stating that once the assessee discovered the mistake in the return

of income relating to the applicable tax rate, it should have filed a revised return of income.

The assessee having not done so, learned first appellate authority held that claim cannot be

accepted.

record. It is the say of ld. Counsel appearing for the assessee before us that as per the

Finance Act itself a company having turnover of less than Rs.250 crores has to pay tax at

the rate of 25%. He submitted, merely because the assessee has applied the tax rate of 25%

referring to a wrong provision, that by itself would not empower the Department to tax at

a higher tax, which is not in accordance with the Finance Act. Having taken note of

submissions of the assessee, we find that as per paragraph E of the Finance Act applicable

to the relevant assessment year, the applicable tax rate for a domestic company having

turnover of less than Rs.250 crores is 25%. When the Finance Act itself has fixed tax rates

for different categories of assessee’s that has to be strictly followed. Merely because the

assessee has referred to a wrong provision, while applying tax rate of 25%, a higher tax

rate cannot be applied. The aforesaid view of ours gets support from the following

decisions of the co-ordinate bench: 1. Bholanath Precision Engineering Pvt. Ltd. (in ITA No.1997/Mum./2022 vide order dated 23.11.2022)

3 ITA No. 2992/Mum/2026 (A.Y.2020-21) Intelliquity Consulting Services Private Limited vs. Dy. CIT 2. Neptunus Power Plant Services Pvt. Ltd. vs. ADIT (in ITA No. 2796/Mum/2023 vide order dated 18.12.2023)

applying the rate of 25% as against 30%. Since, in course of hearing, ld. Counsel for the

assessee has not pressed any other ground, they are deemed to be not pressed, hence,

dismissed.

Sd/- Sd/-

(Makarand V. Mahadeokar) (Saktijit Dey) Accountant Member Vice President Mumbai; Dated : 13.08.2026 Roshani, Sr. PS Copy of the Order forwarded to : 1. The Appellant 2. The Respondent 3. The CIT(A) 4. CIT - concerned 5. DR, ITAT, Mumbai 6. Guard File BY ORDER,

(Dy./Asstt. Registrar) ITAT, Mumbai