ITAT allowed the appeal and directed recognition of the...

ITAT allowed the appeal and directed recognition of the assessee's entitlement to tax at the concessional rate under s.115BAA despite belated filing of Form 10-IC and delayed return. The Tribunal found substantial compliance: the assessee unequivocally exercised the s.115BAA option in the return and Form 3CA, computed and discharged tax at 22%, and the procedural lapse in e-filing arose from bona fide delay caused by a search and finalisation of accounts. Applying the principle of beneficial interpretation, the Tribunal held that a procedural default in filing Form 10-IC should not defeat the substantive fiscal benefit, and ordered allowance of the concession.

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