The ITAT examined the denial of concessional tax rate @15% u/s...

The ITAT examined the denial of concessional tax rate @15% u/s 115BAB to the assessee for A.Ys. 2023-24 and 2024-25, based on application of the fourth proviso to s.115BAB. Observing that the assessee's claim of having duly opted for s.115BAB required factual verification and proper interpretation of the returns, the ITAT held that the first appellate authority must correctly construe the return of income and ensure that the rights of a bona fide assessee are not prejudiced. Consequently, the ITAT set aside the order of the CIT(A)/NFAC and remanded the matter for de novo adjudication, directing a fresh examination of whether the assessee validly exercised the option u/s 115BAB and, if so, determination of eligibility for the concessional tax rate strictly in accordance with law.