The AO levied tax at rate of 30 per cent. Commissioner (Appeals) upheld the order on the ground that Form 10-IC was not filed within time limit prescribed under section 139(1). Whether in view of section 3(1)(b) of TLA Act, 2020 time limit for filing of any appeal, reply or application or furnishing of any report, document, return or statement or such other record, under provisions of specified Act (i.e. Income-tax Act, 1961) which was to be filed between 20-3-2020 and 31-12-2020, stood extended to 31-3-2021, thus, time permitted for filing of Form 10-IC, by virtue of section 3(1)(b) of TLA Act, 2020 must be treated as 31-3-2021, even when time permitted for filing of income-tax return under section 139(1), in light of third proviso to section 3(1) and read with subsequent notification, was only up to 15-2-2021. Accordingly the Assessing Officer was directed to accept exercise of option by assessee for concessional taxation regime under section 115BAA. (AY.2020-21)
Suminter India Organics (P) Ltd. v. Dy. CIT (2022) 196 ITD 370 / 218 TTJ 905 / 216 DTR 193 (Mum.)(Trib.)
S. 115BAA : Exercise of option by assessee for concessional taxation regime-Form 10-IC-By virtue of section 3(1)(b) of TLA, time permitted for filing Form 10-IC for availing concessional scheme of taxation under section 115BAA, must be treated as 31-3-2021, even when time permitted for filing of income tax return under section 139(1), in light of third proviso to section 3(1) of TLA and read with subsequent notification, was only up to 15-2-2021-Assessing Officer was directed to accept exercise of option by assessee for concessional taxation regime. [S. 139(1), TLA Act, 2020, S. 3(1)(b)]