TMI Blog2023 (5) TMI 734X X X X Extracts X X X X X X X X Extracts X X X X ..... iled 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5JB of the Act for the reasons that the assessee has not filed Form No. 10-IC at the time of filing of return of income. Such form was filed in physical manner before the jurisdictional Assessing Officer on 29/06/2022. 3. Aggrieved by the action of CPC in taxing the assessee by invoking provisions of Section 115JB of the Act, the assessee filed appeal before the ld. CIT(A). Before the ld. CIT(A), the assessee filed its submission. The submission of assessee is recorded in para 3 of order of ld. CIT(A). In the submission, the assessee stated that they are in the business of textile. The assessee company while filing return of income opted to be taxed as per provisions of Section 115BAA of the Act. The CPC processed the return of income an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee submits that while filing the return of income electronically, the assessee opted to be taxed under Section 115BAA of the Act being a domestic company. The assessee could not upload/filed Form 10-IC online due to technical problem in the portal, however, the assessee fulfilled all the requisite conditions to be taxed under Section 115BAA of the Act. It was the first year of application of Section 115BAA of the Act, to avoid technical reasons for non-uploading and for such hardship, the CBDT issued Circular No. 6/22 dated 17/03/2022 for extending time period for filing Form 10-IC up to 30.06.2022. The condition of Circular was that the return of income was to be filed on or before due date specified under Section 139(1) of the Act a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the time of filing of return of income within time period prescribed under Section 139(1) of the Act. Even as per CBDT Circular dated 17/03/2022, the assessee has not uploaded such form before 30/06/2022. Thus, the order of ld CIT(A) is as per law. 7. We have considered the submissions of both the parties and gone through the orders of the lower authorities. There is no dispute that the assessee is a domestic company engaged in the business of textile and eligible to avail the benefit to be taxed under Section 115BAA of the Act, provided the assessee fulfilled the requisite condition for availing such benefit. The only objection of lower authorities are that the assessee has not filed Form 10-IC electronically before due date for filing ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
