Denial of the concessional tax regime under s. 115BAC solely for...

Denial of the concessional tax regime under s. 115BAC solely for late filing of Form 10IE was held unsustainable where the assessee had opted for the new regime, filed Form 10IE along with the revised return, and the form was available to the AO during assessment. Relying on coordinate bench decisions treating the timing requirement for Form 10IE as directory rather than mandatory, it was held that substantial compliance is met if the form is on record at the time of assessment and the benefit cannot be refused on a technical lapse. The AO was directed to consider Form 10IE and grant the lower tax rates; the appeal was allowed. - ITAT