https://www.taxtmi.com/caselaws?id=755962 ITAT Kolkata held that a domestic company which validly exercised the option under section 115BAA for lower tax rate (22%) for AY 2020-21 by filing Form 10IC was entitled to continue with the same rate for subsequent years without re-exercising the option. The revenue's denial of lower tax rate for subsequent years was incorrect as section 115BAA(5) provides that once the option is validly exercised, it applies to subsequent years automatically unless conditions are violated. The assessee's appeal was allowed. en-us Mon, 22 Jul 2024 00:00:00 +0530 Wed, 24 Jul 2024 07:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755962 ITAT Kolkata held that a domestic company which validly exercised the option under section 115BAA for lower tax rate (22%) for AY 2020-21 by filing Form 10IC was entitled to continue with the same rate for subsequent years without re-exercising the option. The revenue's denial of lower tax rate for subsequent years was incorrect as section 115BAA(5) provides that once the option is validly exercised, it applies to subsequent years automatically unless conditions are violated. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 22 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755962