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Issues: Whether the assessee, having filed Form 10-IC within time, was entitled to be assessed at the concessional tax rate under section 115BAA of the Income-tax Act, 1961 for the relevant assessment year.
Analysis: The assessee had filed Form 10-IC opting for the concessional regime, and the intimation under section 143(1) also recorded that the assessee had opted for taxation under section 115BAA. On these facts, the view that the assessee had not exercised the option was not sustainable.
Conclusion: The assessee was entitled to the concessional tax rate under section 115BAA, and the tax had to be recomputed accordingly.
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