Once a company validly opts for the concessional tax rate u/s...

Once a company validly opts for the concessional tax rate u/s 115BAA for an assessment year, it is not required to exercise the option again for subsequent years, unless the initial option is rendered invalid due to violation of conditions specified in Section 115BAB(2). The Appellate Tribunal held that if the Revenue authorities allowed the lower tax rate u/s 115BAA for an assessment year without finding any error, the company need not file Form 10-IC or exercise the option afresh for subsequent years u/s 115BAA(5). The assessee's appeal was allowed, as the company had validly claimed the concessional rate for the first time in the previous year, and there was no requirement to make a fresh claim by filing Form 10-IC for the current year.

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