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ITAT dismissed the appeal, holding that the assessee's revised return under s.139(5) filed on 05.08.2022, after the due date for exercising the option under s.115BAC, did not validly opt for the new tax regime; therefore the AO/CPC correctly disregarded the option. The Tribunal found the statutory mandate under s.115BAC(5) not complied with, rejected reliance on contrary authority, and affirmed that fiscal provisions permit no liberal construction. Consequently, the late-filed revision could not cure the failure to exercise the option within the prescribed time and the assessment stands unaffected by the assessee's belated choice; appeal dismissed.
ITAT dismissed the appeal, holding that the assessee's revised return under s.139(5) filed on 05.08.2022, after the due date for exercising the option under s.115BAC, did not validly opt for the new tax regime; therefore the AO/CPC correctly disregarded the option. The Tribunal found the statutory mandate under s.115BAC(5) not complied with, rejected reliance on contrary authority, and affirmed that fiscal provisions permit no liberal construction. Consequently, the late-filed revision could not cure the failure to exercise the option within the prescribed time and the assessment stands unaffected by the assessee's belated choice; appeal dismissed.
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