Appeal dismissed; merger validity not reopened, leasehold rights transferred to corporate debtor formed liquidation estate; section 36(4)(a)(iv) inapp...
The ITAT allowed the appellant's grounds, holding that the option for the concessional tax regime u/s 115BAA was validly exercised by filing Form No.10-IC before the due date for the relevant assessment year; accordingly the appellant is entitled to taxation under the concessional regime and not at normal rates. The AO/CPC's demand premised on denial of the 115BAA option was set aside and the demand is directed to be deleted. The Tribunal confined its decision to the temporal validity of the Form 10-IC filing and its consequent application to subsequent assessment years, directing the AO to give effect to the concessional rate.
The ITAT allowed the appellant's grounds, holding that the option for the concessional tax regime u/s 115BAA was validly exercised by filing Form No.10-IC before the due date for the relevant assessment year; accordingly the appellant is entitled to taxation under the concessional regime and not at normal rates. The AO/CPC's demand premised on denial of the 115BAA option was set aside and the demand is directed to be deleted. The Tribunal confined its decision to the temporal validity of the Form 10-IC filing and its consequent application to subsequent assessment years, directing the AO to give effect to the concessional rate.
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