Delayed Form 10-IE filing did not defeat the option to switch to the new tax regime under section 115BAC.

Delayed filing of Form 10-IE was held to be directory rather than mandatory for opting into the new tax regime under section 115BAC of the Income-tax Act, 1961, so the assessee's substantive entitlement was not lost merely because the form was filed after the prescribed due date. The matter was left for the Assessing Officer to verify the relevant facts and complete consequential computation accordingly.

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Issues: Whether the assessee could be denied the option of the new tax regime merely because Form 10-IE was filed after the prescribed due date, and whether such delay was fatal to the claim under section 115BAC of the Income-tax Act, 1961.

Analysis: The assessee's claim to switch to the new tax regime was rejected below only on the ground that Form 10-IE was not filed within the due date. The Tribunal accepted the reasoning that the filing requirement for the form is directory and not mandatory, and that delayed filing does not, by itself, extinguish the substantive entitlement to be considered under the new regime. The matter was left to the Assessing Officer to verify the relevant facts for consequential computation.

Conclusion: The assessee's delay in filing Form 10-IE did not defeat the claim to opt for the new tax regime, and the issue was decided in favour of the assessee.

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