Assessee-company filed its income tax return availing concessional taxation scheme at rate of 22 per cent. Assessing Office vide intimation issued under section 143(1) made adjustments and further computed tax liability at rate of 30 per cent. Commissioner (Appeals) upheld said assessment order on ground that assessee had failed to file Form 10-IC before due date of furnishing returns. Tribunal held that since the assessee had failed to file Form 10-IC till date, which was mandatory requirement for claiming option available under section 115BAA, order of CIT(A) is affirmed. Tribunal also held that where gross receipt or total turnover of assessee-company in financial year 2019-20 did not exceed Rs. 400 crore, rate of income tax was to be 25 per cent of total income. Matter remanded. (AY. 2020-21 )
Bholanath Precision Engineering (P.) Ltd. v. CIT (2023) 198 ITD 211 (Mum)(Trib.)
S. 115BAA : Tax on income of certain domestic companies-Determination of tax in certain cases-Failure to file Form 10IC-Order of the Assessing Officer computing the tax liability at rate of 30 percent as against 22 percent shown by the appellant-Gross receipt or total turnover in financial year 2019-20 did not exceed Rs. 400 crore, rate of income tax was to be 25 per cent of total income-Matter remanded.[S. 139(1), 143(1), Form No 10IC]