S. 115BAA : Tax on income of certain domestic companies-Levy of tax @ 30% instead at concessional rate @ 22 %-Return of income-Last date for filing Form No. 10IC for AY 2020-21-Extended to March 31, 2021-By virtue of the Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020-Entitled to concessional rate @ 22%. [S. 115BAA(5), 139(1), Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020, S. 3(1)].

Where the last date for filing of return of income for AY 2021 was extended to March 31, 2021; however, the last date for filing of Form No. 10IC to claim beneficial rate of tax at 22 per cent under section 115BAA of the Income-tax Act, 1961 was only up to 15th February 2021, it was held that the general scheme of timeframe prescribed under the Income -tax Act, 1961 has to make way for the specific relaxation provisions under the Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020 (Relaxation Act). The time permitted for filing of Form 10-IC, by virtue of section 3(1)(b) of Relaxation Act, must be treated as March 31, 2021 . Allowing the appeal the Tribunal held that the assessee is entitled to concessional rate@ 22% as per section 115BBA of the Act. (ITA NO. 889/MUM/2022 dated July 26, 2022 (Bench ‘E’) (AY.2020-21)
Suminter India Organics (P.) Ltd. v. DCIT (Mum.)(Trib.), www.itatonline.org
[Coram : Hon’ble Shri Pramod Kumar (VP), and Hon’ble Shri Pavan Kumar Gadale (JM)]