Delayed Form 10-IC filing was held procedural, preserving eligibility for the concessional corporate tax regime.

Delayed filing of Form 10-IC did not defeat the assessee's claim to the concessional corporate tax regime under section 115BAA where the intention to opt for the lower rate was disclosed in the tax audit report and the return otherwise supported the option. The Tribunal treated the filing deadline for Form 10-IC as procedural and directory, not mandatory, because substantive eligibility for the benefit was not in dispute. Belated filing during assessment was therefore sufficient, and denial of the concessional regime was not justified.

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Issues: Whether delayed filing of Form 10-IC could defeat the assessee's claim to the concessional tax regime under section 115BAA of the Income-tax Act, 1961.

Analysis: The assessee's intention to opt for the lower corporate tax rate was disclosed in the tax audit report and the option was otherwise substantiated by the return filed. The Tribunal treated the requirement of filing Form 10-IC within the due date as procedural and directory rather than mandatory, especially when the assessee's eligibility for the concessional regime was not in dispute. Relying on the principle that procedural conditions should not override substantive entitlement, and following the cited precedent, the Tribunal held that belated filing of the form during assessment did not justify denial of the benefit.

Conclusion: The delay in filing Form 10-IC did not disentitle the assessee from claiming taxation under section 115BAA, and the benefit was held admissible.

Ratio Decidendi: Where the assessee's substantive eligibility for a concessional tax benefit is established and the procedural form is filed during assessment, delayed compliance with the prescribed filing requirement is directory and does not defeat the claim.

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