ATINDRA INFRASTRUCTURE PVT. LTD.,KOLKATA vs. I.T.O., WARD - 1(1), KOLKATA, KOLKATA

This appeal filed at the instance of the assessee pertaining to the Assessment Year (in short “AY”) 2020-21 is directed against the order passed u/s 250 of the Income Tax Act, 1961 in short the “Act”) by Ld. Commissioner of Income-tax, (Appeals), Addl/JCIT(A)-13, Mumbai [in short Ld. “CIT(A)”] dated 18.03.2024 arising out of the intimation framed u/s. 143(1) of the Act by ACIT, CPC, Bengaluru dated 19.08.2021.

We have heard the rival submission and perused the material placed before us. Sole grievance of the assessee is that the CPC has not calculated the tax at the lower rate of 22% u/s. 115BAA of the Act even though the assessee had opted in the income tax return. We notice that for the assessee in order to fall in the category of lower rate of tax u/s. 115BAA of the Act, one of the important condition is to furnish Form 10-1C within the prescribed time limit which is prior to the due date of filing return of income provided u/s. 139(1) of the Act. For AY 2020-21 the due date of filing return of income was 15.02.21 (extended due date) and the assessee filed the return on 15.02.2021 and in this return assessee has opted for the lower tax rate u/s. 115BAA of the Act. Apart from the other conditions mentioned in section 115BAA of the Act one of the important condition is of furnishing Form 10-1C contains all the information about the assessee company and on filing of such option prior to the income tax return, on the e-portal and as such application if found to be correct then in the computer system of CPC the lower tax rate provided u/s. 115BAA of the Act is applied and the taxes on the income are computed accordingly.

Now in the instant case, assessee neither filed Form 10C prior to the due date of filing return of income nor could furnish

Though we have dismissed the ground of appeal raised by the assessee, however, considering the fact that assessee was dependent upon its consultant for looking after tax work and the assessee has to suffer for the mistake committed by its consultant, we give liberty to the assessee to file an application u/s. 119(1)(b) of the Act to the CBDT mentioning the reasonable cause due to which it could not file the application on Form 10- 1C within the specified time limit and if Board finds any merit,