Kishor Kewalram Zamtani HUF vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Kishor Kewalram Zamtani HUF, filed an appeal against the order of the CPC denying the benefit of the option exercised under section 115BAC for paying tax under the New regime. The assessee had exercised the option on 14.10.2022 along with the Income Tax Return for A.Y. 2022-23. The assessee filed Form 10-IE before the due date of filing the return for A.Y. 2023-24. The CPC calculated the tax liability at Rs.3,20,343/- under the Old Regime, which the assessee contested.…

Legal Issues

• 1. Whether the assessee is eligible for the benefit under the New Tax Regime as per section 115BAC of the Income Tax Act, 1961?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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