Concessional tax regime under section 115BAB requires proper verification of return entries before denial; matter remanded for fresh adjudication.

Denial of the concessional tax rate under section 115BAB, based on inconsistent return entries regarding the option for the regime, could not be sustained without proper verification of the return and related factual material. The Tribunal found that the first appellate authority had not examined the record with sufficient factual clarity and that the assessee's claim required a correct reading of the return entries and applicability of the concessional regime. The appellate order was therefore set aside and the matter was remanded for de novo adjudication in accordance with law, resulting in partial relief to the assessee.

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Issues: Whether the denial of concessional tax rate under section 115BAB of the Income-tax Act, 1961, based on the filing status in the return of income, was correct and, if not, whether the matter required fresh adjudication.

Analysis: The assessee pointed out that the return of income contained inconsistent entries regarding the option for taxation under section 115BAB. The Tribunal found that the controversy turned on correct reading and verification of the return and that the first appellate authority had not examined the matter with sufficient factual clarity. It held that the assessee's claim could not be finally rejected without proper verification of the relevant return entries and the applicability of the concessional regime.

Conclusion: The order of the first appellate authority was set aside and the matter was remanded for de novo adjudication in accordance with law. The assessee obtained partial relief.

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