M/S SUMINTER INDIA ORGANICS LIMITED,MUMBAI vs. NFAC, DELHI, DELHI

ITA 889/MUM/2022Status: DisposedITAT Mumbai26 July 2022AY 2020-217 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020 extended the time limit for filing Form 10-IC to March 31, 2021, irrespective of the due date for filing the income tax return. Therefore, the assessee was eligible for the concessional tax rate.

What were the facts?

The assessee company opted for the concessional tax regime under Section 115BAA and filed its return and Form 10-IC on March 31, 2021. However, the return was filed after the extended due date, and the tax was initially levied at the normal rate of 30% instead of the concessional rate of 22%.

What were the issues?

Whether the time limit for filing Form 10-IC under Section 115BAA(5) was extended by the TOLA Act, allowing the assessee to avail the concessional tax regime despite filing the return belatedly.

Which sections of the Income-tax Act were involved?

Section 115BAA,Section 139

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI „E‟ BENCH, MUMBAI

Per Pramod Kumar VP:

This appeal, filed by the assessee, is directed against the order dated 24th March 2022, in 1. the matter of the processing of income tax return under section 143(1) of the Income Tax Act, 1961 [hereinafter referred to as ‘the Act’], for the assessment year 2020-21. 2. Grievance of the assessee, in substance, is that the learned CIT(A) erred in upholding the levy of income tax on the assessee @ 30%, whereas, in the light of the option exer

The order continues below.

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