https://www.taxtmi.com/caselaws?id=430778 The concessional corporate tax rate under section 115BAA is available only when the domestic company exercises the option in the prescribed manner and within the statutory time linked to section 139(1); filing Form 10-IC is mandatory for that purpose, and non-filing by the due date defeats the claim. An alternate claim for a 25% tax rate based on turnover criteria depends on verification of the relevant financial figures and applicable threshold under the Finance Act, 2019, so the matter requires factual examination before computation. The main 115BAA claim was rejected, while the alternate turnover-based claim was sent back for verification. en-us Wed, 23 Nov 2022 00:00:00 +0530 Sat, 26 Nov 2022 13:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430778 The concessional corporate tax rate under section 115BAA is available only when the domestic company exercises the option in the prescribed manner and within the statutory time linked to section 139(1); filing Form 10-IC is mandatory for that purpose, and non-filing by the due date defeats the claim. An alternate claim for a 25% tax rate based on turnover criteria depends on verification of the relevant financial figures and applicable threshold under the Finance Act, 2019, so the matter requires factual examination before computation. The main 115BAA claim was rejected, while the alternate turnover-based claim was sent back for verification. Case-Laws Income Tax Wed, 23 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430778