TMI Blog2022 (11) TMI 1202X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 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. Applying the rate of tax @25% since the total turnover of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee has raised the following grounds: 1. The Learned CIT(A) has erred in confirming the Intimation order u/s 143 (1)(a) of learned ITO, CPC by not allowing the rate of tax as per Sec 115BAA of 22% on grounds of non-filing of form 10-1C 2. Without prejudice to ground no 1, The Learned CIT(A) has erred in confirming the Intimation order u/s 143 (1)(a) of learned ITO, CPC by applying the normal rate of tax @ 30% whereas the correct rate is 25% since the turnover of the company in financial year 18-19 and in the current financial year is less than 400 crores. 3. The issue arising in ground No. 1, raised in the assessee s appeal, is pertaining to applying the concessional rate of tax @ 22% under section 115BAA of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee has approached CBDT for condonation of delay in filing Form 10 IC in order to claim the beneficial rate of tax provided under section 115BAA of the Act. 7. On the other hand, the learned Departmental Representative ( learned DR ) vehemently relied upon the order passed by the lower authorities. 8. We have considered the rival submissions and perused the material available on record. Section 115BAA was introduced in the Act by the 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 sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... viso 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. 10. The issue arising in ground No. 2, raised in the assessee s appeal, is pertaining to applying the rate of tax @25% since the total turnover of the company in financial year 2018 19 is l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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