Home Income tax Corporate Income tax Mumbai ITAT Mandates to Verify Documents of Form 10 IC in Case of Dispute Tax Rate During ITR Process

Mumbai ITAT Mandates to Verify Documents of Form 10 IC in Case of Dispute Tax Rate During ITR Process

0
Mumbai ITAT Mandates to Verify Documents of Form 10 IC in Case of Dispute Tax Rate During ITR Process
Mumbai ITAT's Order for Traxit Engineers Pvt. Ltd

Mumbai bench of Revenue Tax Appellate Tribunal (ITAT), mandated to validate the paperwork regarding Kind 10-IC in case of dispute within the concessional fee of tax on the time of processing of revenue return.

The taxpayer Traxit Engineers Pvt. Ltd is a non-public firm. Put up revenue return submitting for AY 2020-21 on 14.10.2020 declaring a complete revenue of Rs. 1,06,77,810/- and had paid tax at Rs. 26,87,391/- below part 115BAA of the Revenue Tax Act, 1961.

Beneath part 143(1) the return was processed and the CPC has labored out tax at Rs. 35,64,680. The taxpayer has been dissatisfied and filed a plea earlier than CIT(A). The plea will get dismissed by the CIT(A) because of the absence of a solution from the taxpayer. Therefore the taxpayer filed one other plea earlier than the tribunal.

Consultant of the taxpayer, Sanjay Parikh contends and talked about that the taxpayer has filed Kind 10-IC as per Rule 21AE of the Revenue Tax Guidelines and therefore, is eligible for a concessional fee of tax below part 115BAA of the Act.

P.D. Chougule, the Division consultant, submitted that the taxpayer doesn’t seem earlier than the CIT(A) regardless of offering distinct alternatives.

The CIT(A) to supply that the CIT(A) has accurately remanded the difficulty to the AO to analyze the declare that Kind 10-IC is filed on or earlier than 30.06.2022 and allow the concessional fee as per legislation.

The taxpayer has furnished the revenue return and has claimed the concessional tax fee below part 115BAA of the Act. As with the revenue return the Kind 10IC was not filed below part 139(1) of the Act, on the time of passing an order below part 143(1), the CPC has rejected the concessional fee of tax and has imposed the tax at regular charges.

The taxpayer on the time of appellate processing doesn’t reply to the notices issued through the CIT(A) calling for particulars. Therefore the CIT(A) laid on Round No. 6/2022 on 17.03.2022 and has requested the AO to confirm whether or not the taxpayer has filed the Kind 10-IC on or earlier than 30.06.2022 and that the purpose couldn’t be verified because the taxpayer doesn’t appeared earlier than the CIT(A).

Put up reviewing the submissions of each events the two-member bench of Padmavathy S, (Accountant member ) and Pavan Kumar Gadale, (Judicial Member) requested the taxpayer to supply the pertinent info in help of the declare of functions of concessional fee of tax below part 115 BAA and co-operate with the appellate proceedings.

LEAVE A REPLY

Please enter your comment!
Please enter your name here