The purpose of this newsflash is to highlight the recent judgment in the case of Rajkamal Healds and Reeds Pvt. Ltd. v/s ADIT pronounced by Hon’ble Gujarat High Court (R/SPECIAL CIVIL APPLICATION NO. 1085 of 2022) order dated 20 January 2022 wherein taxpayer is allowed to file condonation application for Form 10-IC with IT Department to claim the concessional tax rate under section 115BAA of the Income-tax Act, 1961 (‘the Act’).
This judgment provides relief to many taxpayers who inadvertently missed to file Form 10-IC in AY 2020-21 and Income-tax portal is not allowing to file it now. The taxpayers who have either filed an application before tax department for condonation and acceptance of 10-IC or filed an appeal with National Faceless Appeal Centre (‘CIT-A’) against intimation order under section 143(1) can borrow support from this judgment to expedite such application/ appellate proceedings.