ITAT allowed the assessee's appeal, holding that once the option...

ITAT allowed the assessee's appeal, holding that once the option under s.115BAA is validly exercised through Form 10IC in the initial year, it continues for subsequent assessment years and need not be re-filed annually. Form 10IC filed belatedly for AY 2020-21 was held valid and operative for AY 2021-22 and later years, there being no violation of s.115BAA(2). Consequently, denial of the concessional tax rate in the s.143(1) intimation for AY 2021-22 was set aside. ITAT further held that CPC lacked jurisdiction to make adhoc additions in processing under s.143(1). AO was directed to pass an order under s.154 deleting the adhoc addition for AY 2022-23.