Shree Capital Services Ltd. Vs. ACIT, Circle-5(1), Kolkata

Parties Involved

Facts Summary

The assessee, Shree Capital Services Ltd., filed its return of income for the Assessment Year 2022-23 declaring a total income of Rs. 1,55,20,15,750/-. The Assessing Officer (AO) processed the return and denied the claim under Section 115BAA of the Income Tax Act, raising a demand of Rs. 12,84,37,570/-. Aggrieved by this order, the assessee appealed to the Commissioner of Income Tax (Appeals) (CIT(A)), who partly allowed the appeal but rejected the claim under Section 115BAA on the grounds that the return was filed beyond the due date and Form 10IC was filed late. The assessee then appealed to the ITAT, arguing that the option for the new tax regime had been exercised for the previous year and should continue for the current year. The assessee also cited precedents and a High Court order supporting their claim.…

Legal Issues

• 1. Whether the assessee's claim under Section 115BAA for AY 2022-23 is valid despite filing the return and Form 10IC beyond the due date.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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