https://www.taxtmi.com/caselaws?id=760099 The ITAT Ahmedabad held that a domestic company was entitled to lower tax rates under Section 115BAA despite failing to file Form 10IC for AY 2022-23. The tribunal ruled that once an assessee validly opts for Section 115BAA benefits and revenue authorities accept it, no fresh claim is required for subsequent years unless the original option becomes invalid due to violation of specified conditions under Section 115BAB(2). The AO's disallowance of the concessional tax rate was overturned, and the assessee's appeal was allowed. en-us Wed, 09 Oct 2024 00:00:00 +0530 Tue, 15 Oct 2024 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760099 The ITAT Ahmedabad held that a domestic company was entitled to lower tax rates under Section 115BAA despite failing to file Form 10IC for AY 2022-23. The tribunal ruled that once an assessee validly opts for Section 115BAA benefits and revenue authorities accept it, no fresh claim is required for subsequent years unless the original option becomes invalid due to violation of specified conditions under Section 115BAB(2). The AO's disallowance of the concessional tax rate was overturned, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760099