9911796707
TMI Blog2024 (8) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... record that there is a delay of 71 days in filing the appeal before the Tribunal. Explaining the reasons for belated filing of the appeal, the Ld. AR drew our attention to the affidavit filed by the assessee along with a petition seeking for condonation of delay and read out the contents of the petition which is as under: "1. Assessee was served with CIT(A) order on dt. 08.02.2024 passed u/s 250 of the IT Act. Whereas, the assessee being aggrieved was desirous to file appeal before the Hon'ble ITAT and the appeal was filed on dt: 18.06.2024 as against the due date of filing i.e., dt. 08.04.2024, thus causing a delay of 71 days. The reasons and circumstances under which the appeal was filed belatedly are stated hereunder: 2. Whereas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent cause in filing the appeal beyond the prescribed time limit with a delay of 71 days. Therefore, we hereby condone the delay of 71 days in filing the appeal before the Tribunal and proceed to adjudicate the appeal on merits in the following paragraphs. 4. Briefly stated facts of the case are that, Assessee is an individual filed his return of income on 12.08.2023 admitting the total income of Rs. 1,53,45,640/- for the A.Y. 2023-2024. The return was summarily processed under section 143(1) of Income Tax Act, 1961 [hereinafter in short "the Act"] raising a demand of Rs. 98,720/-. Being aggrieved by the demand raised by the Centralized Processing Centre [hereinafter in short "CPC"] assessee filed an appeal before the Ld. CIT(A). During the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) is not only erroneous but also contrary to the provisions of law. 5. In light of the aforementioned grounds, it is humbly prayed that this Honourable Tribunal may kindly give directions to compute the tax as per sec 115BAC of the IT Act." 6. The only issue emanating from the grounds raised by the assessee is with regard to denial of special rate of taxation under section 115BAC of the Act opted by the assessee. 7. The Learned Authorized Representative [hereinafter in short "Ld.AR"] argued that as per section 115BAC of the Act it is not required to file Form-10-IE when the assessee is a salaried employee. He further submitted that Form-10-IE is applicable for assessee's who are having business or profession and not for salaried employe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gime by filing Form - 10-IE of the Act and it is not applicable for the salaried employees. 11. Further, we also extract below the provisions of section 115BAC Sub-Section (5) Clause (ii) of the Act, which reads as follows: - "(ii) having income other than the income referred to in clause (i), alongwith the return of income to be furnished under sub-section (1) of section 139 for a previous year relevant to the assessment year." 12. In the instant case, the assessee as per provisions of section 115BAC(5)(ii) has exercised his option to opt for new tax regime and hence has followed the procedure laid down under the Act. We therefore have no hesitation to set-aside the order of the Revenue Authorities and allow the appeal of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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