ITAT affirms that a revised return filed within the due date...

ITAT affirms that a revised return filed within the due date which first elects the concessional regime under s.115BAA substitutes the original return and validly constitutes the s.115BAA election; the AO's characterization of such filing as a prohibited "withdrawal" is rejected. Consequent to acceptance of s.115BAA for AY 2021-22, the assessee is ineligible to claim MAT credit for that year; the AO is directed to verify any MAT credit claimed. While s.115BAA(2) bars set-off of losses attributable to specified deductions, the tribunal accepts the appellate factual finding that the assessee's brought-forward business and capital losses are not so barred and allows their set-off, upholding the CIT(A) conclusions.

---