Horizon HGE Electronic Equipment India Pvt. Ltd. vs DCIT

Parties Involved

Facts Summary

The assessee, Horizon HGE Electronic Equipment India Pvt. Ltd., is a company that derived income from business and filed its return of income on 14.10.2020, declaring a total income of INR 2,42,00,780/- and paid taxes at the concessional rate provided under section 115BAA of the Income Tax Act, 1961. However, the Central Processing Centre (CPC) denied the concessional rate in the intimation order dated 18.12.2021 passed under section 143(1) of the Act for the reason that Form 10-IC was filed delayed. The assessee then filed an appeal before the Ld. Commissioner of Income Tax (Appeals), who partly allowed the appeal, directing the Assessing Officer to charge tax at 25% plus charges and cess as the gross receipt of the assessee was less than INR 400 crores but denied the concessional rate under section 115BBE due to the delayed filing of Form 10-IC. Aggrieved by this order, the assessee appealed to the Tribunal.…

Legal Issues

• 1. Whether the assessee should have been taxed at the concessional rate under section 115BAA of the Income Tax Act, 1961.
• 2. Whether the assessee was entitled to be taxed under section 115BAA despite the delayed filing of Form 10-IC.
• 3. Whether the assessee's failure to file Form 10-IC on time due to technical problems disentitled it to the benefit of section 115BAA.
• 4. Whether the assessee's submission of Form 10-IC via email to the Assessing Officer should be considered as timely filing.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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