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The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal regarding the denial of benefits under the new tax regime u/s 115BAA due to an alleged defective Form 10-IC submission. The tribunal clarified that the digital signature on Form 10-IC, submitted by the assessee through its key persons registered on the income tax portal, is system-generated and varies based on the principal contact at the time of download without altering the form's substantive content. Consequently, the AO erred in rejecting the form on grounds of signature discrepancies. The form's validity was affirmed, entitling the assessee to the lower tax rate under the new regime as claimed.
The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal regarding the denial of benefits under the new tax regime u/s 115BAA due to an alleged defective Form 10-IC submission. The tribunal clarified that the digital signature on Form 10-IC, submitted by the assessee through its key persons registered on the income tax portal, is system-generated and varies based on the principal contact at the time of download without altering the form's substantive content. Consequently, the AO erred in rejecting the form on grounds of signature discrepancies. The form's validity was affirmed, entitling the assessee to the lower tax rate under the new regime as claimed.
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