9911796707
TMI Blog2024 (5) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... sed following grounds: - "1. That the order dated 15.02.2023 is against the law and material available on record. 2. Under the facts and circumstances of the case the case the learned Assessing Officer and learned CIT Appeals has seriously erred in not giving standard deduction of Rs. 50000/- which is available under the old tax regime. 3. Under the facts and circumstances of the case the case the learned Assessing Officer and learned CIT Appeals has seriously erred in not giving deduction of Rs. 150000/- u/s 80C which is available under the old tax regime. 4. Under the facts and circumstances of the case the case the learned Assessing Officer and learned CIT Appeals has seriously erred in not giving deduction of Rs. 10000 /- u/s 80 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filing of return. He has filed Form 10-IE on 02.08.2022. Form 10-IE is to submitted for exercising the option of new tax regime u/s 115BAC of the I.T. Act. The appellant has declared profit and gains from business or profession of Rs. 10,55,900/-. The assessees having business or profession income need to fill up Form 10-IE and submit this every year on or before the due date of filing of return. Non filing of Form 10-IE on or before the due date of filing of return will not entitle the assessee to avail the benefit of section 115BAC of the I.T. Act. Therefore, the Assessing Officer's action of rejecting the option of section 115BAC and make the order u/s 143(1) under old scheme is upheld. Further it is seen that appellant has not c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... below: "This appeal has been preferred against the order of Respondent dated 15/02/2023 while making assessment under old scheme, assessing officer has not given following deductions: Standard Deduction : Rs. 50000/- Deduction u/s 80C : Rs. 150000/- Deduction u/s 80TTA: Rs. 10000/- Brief facts of the Case are as under: 1. The assessee has filed his return of income in Form ITR 3 on 02/08/2022 and opted for Section 115BAC; Copy of ITR and Computation is enclosed. Page no 1 to 8. 2. An order of intimation u/s 143(1) has been made on 15/02/2023. While making intimation, assessing officer has rejected the option of section 115BAC and make the assessment under old scheme. 3. That at the time of filing ITR, if an assessee opts for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction of Rs. 50000/- As the A.O. has not given aforesaid deduction, it is humbly requested to allow the standard deduction of Rs. 50000/- 3. Deductions u/s 80C. During the year under consideration assessee has earned NSC interest of Rs. 32865/- which has been reinvested. The said interest has been included in the Income from other sources. Assessee has also invested in the Mutual funds for an amount of Rs. 60000/- which is eligible for deduction u/s 80C. Copy of account of Mutual fund is enclosed. Page no 9 to 11. Assessee has paid Tuition fees of Rs. 64580/- for education of his child, copy of receipt is enclosed, Page no 12. Therefore, the assessee is eligible for deduction u/s 80C for an amount of Rs. 150000/-- As the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to reiterate the provision of section 115BAC so as to understand the allowability of deduction on the return of income filed after the due date prescribed: Tax on income of individuals 72[and Hindu undivided family]. 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or a Hindu undivided family, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021 73[but before the 1st day of April, 2024], shall, at the option of such person, be computed at the rate of tax given in the following Table, if the conditions contained in sub-section (2) are satisfied, n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed to the assessee under the normal provision of the Act. Thus, since the assessee in this case though filed the return after the due date which was not processed under the new tax regime but the said return is required to be proceeds as per the old provision of the Act and after considering the provision of section 80AC of the Act. Since, the standard deduction, deduction u/s80C and 80TTA is required to be tested as per the evidence that the assessee is supposed to produced. Since the assessee was not provided an opportunity of being heard before processing the return of income, we feel it in the interest of the natural justice that the assessee shall provide the details connected to the claim before the ld. AO on merits a fresh in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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