आदेश/ORDER

PER MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER

This appeal by the assessee is directed against the order of the Add/Jt. Commissioner of Income Tax (Appeals) – 5 Mumbai (hereinafter referred as “the CIT(A)”), dated 23-02-2024, which dismissed the assessee's appeal against the intimation under section 143(1) of the Income Tax Act, 1961 (hereinafter referred as “the Act”), passed by the Central Processing Centre (CPC) for the Assessment Year (AY) 2022-23. The primary issue is the rejection of the assessee's claim for taxation at a lower rate under section115BAA of the Act due to the non-filing of Form 10IC within the prescribed time.

Facts of the Case:

2. The assessee-company filed its return of income on 01.12.2022 declaring total income of Rs.10,15,26,720/-. The said return of income was processed u/s 143(1) of the Act, wherein the income returned was accepted u/s 143(1) of the Act. However, the CPC rejected the claim of option exercised by the assessee u/s.115BAA of the Act which resulted into tax being charged on the income at normal rate i.e.30% instead of at the rate of 22% as per provisions of section 115BAA of the Act as both the return and the Form 10-IC were filed be