Binding election under an exemption notification bars later switching to a different concessional entry.

A taxpayer that had opted for Serial No. 39 in an approved classification list under Notification No. 53/88 could not later claim the concessional benefit under Serial No. 40 of the same notification. Once the option was exercised and accepted, the assessee was bound by that election and could not switch to another concessional entry under the same scheme. The lower authorities were therefore correct in holding that Serial No. 40 was unavailable after the earlier approved choice.

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Issues: Whether the appellant, having opted for Serial No. 39 in the approved classification list under Notification No. 53/88, could later claim the concessional benefit available under Serial No. 40 of the same notification.

Analysis: The appellant had itself chosen the benefit under Serial No. 39 in the classification list, and that choice had been approved. Once such an option was exercised and accepted, the appellant could not switch to a different concessional entry under the same notification. The lower authorities were right in holding that the benefit under Serial No. 40 was unavailable after the earlier election.

Conclusion: The appellant was not entitled to claim the benefit under Serial No. 40 after opting for Serial No. 39. The finding is against the assessee and in favour of the Revenue.

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