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ITAT ruled that an assessee who initially filed Form 10-IE opting for new tax regime under Section 115BAC but subsequently filed income tax return under old regime cannot be compelled to adopt new taxation framework. The tribunal found that since the return was filed under old regime, the assessee's choice to revert to previous taxation method was valid. The Additional/Joint CIT's order upholding CPC's processing under new regime was set aside, and the assessee's grounds were allowed, permitting taxation under the traditional tax calculation method for the relevant assessment year.
ITAT ruled that an assessee who initially filed Form 10-IE opting for new tax regime under Section 115BAC but subsequently filed income tax return under old regime cannot be compelled to adopt new taxation framework. The tribunal found that since the return was filed under old regime, the assessee's choice to revert to previous taxation method was valid. The Additional/Joint CIT's order upholding CPC's processing under new regime was set aside, and the assessee's grounds were allowed, permitting taxation under the traditional tax calculation method for the relevant assessment year.
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