ITA No. 2095/Mum/2024

Parties Involved

Facts Summary

The assessee company, M/s Tanyo Exports Pvt Ltd, is engaged in the business of manufacture and exports of garments (other than by Handloom). The company filed its income return for the assessment year 2020-21 on 05.11.2020, disclosing a total income of Rs. 1,27,02,350/-. The company opted for the provisions of section 115BAA of the Income Tax Act but failed to upload Form No. 10IC due to technical errors. The return was processed under section 143(1) of the Act, determining the total income at Rs. 1,27,02,350/- but computing tax liability at 30% instead of 22% as claimed by the assessee. A demand of Rs. 20,87,250/- was determined payable. The assessee filed a rectification petition under section 154 of the Act on 12.10.2023. The assessee appealed against the order under section 143(1) of the Act before the Commissioner of Income Tax (Appeals), who dismissed the ground of appeal regarding the tax rate. The assessee further appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the CIT(A) erred in law and fact by not considering the appellant's claim for tax liability computation at the concessional rate of 22% under section 115BAA?

Judgment Outcome

Decided in favour of Assessee.

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