Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Sub-section (5) of section 115BAA provides that the lower tax rate option once exercised shall apply to subsequent years. The 2nd proviso states that once opted, it cannot be withdrawn for the same or any other previous year. The assessee validly opted for 115BAA for AY 2020-21 by filing Form 10IC, and the revenue authorities allowed the lower rate. Since the assessee did not violate any condition for AY 2020-21, and the valid option was exercised, the assessee is eligible for the lower rate for subsequent assessment years too, subject to other conditions under the Act. The assessee's appeal is allowed.
Sub-section (5) of section 115BAA provides that the lower tax rate option once exercised shall apply to subsequent years. The 2nd proviso states that once opted, it cannot be withdrawn for the same or any other previous year. The assessee validly opted for 115BAA for AY 2020-21 by filing Form 10IC, and the revenue authorities allowed the lower rate. Since the assessee did not violate any condition for AY 2020-21, and the valid option was exercised, the assessee is eligible for the lower rate for subsequent assessment years too, subject to other conditions under the Act. The assessee's appeal is allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
