2023 (5) TMI 734 - AT - Income Tax

MAT - Income to be taxed u/s 115BAA or u/s 115JB - assessee has not uploaded Form 10-IC electronically before or at the time of filing of return of income within time period prescribed u/s 139(1) - case of assessee is that Form 10-IC could not be uploaded on ITBA Portal due to technical error and it was the first year of availing such benefit - whether non-filing of Form 10-IC on ITBA Portal is fatal to the assessee or not in availing the benefit of section 115BAA?

HELD THAT:- Hon’ble Delhi High Court in CIT Vs Web Commerce (India) (P) Ltd. ([2008 (12) TMI 13 - HIGH DELHI COURT] held that once audit report is filed before framing of assessment, the provisions of Section 80-IA (7) would be complied as furnishing of such report at the time of filing of return is directory in nature and not mandatory.

Considering the similar principle that the assessee furnished Form 10-IC before the order of ld. CIT(A). It is settled principles under law that appeal is a continuation of assessment proceedings and the ld. CIT(A) has co-terminus power as of AO, therefore, the ld. CIT(A) was required to consider the report in Form 10-IC. In view of the above factual and legal discussion, the ground of appeal raised by the assessee is restored back to the file of assessing officer to consider the report in Form-10IC and allow relief to the assessee, if the assessee fulfil all other requisite condition as per law. Appeal of assessee is allowed for statistical purpose.