https://www.taxtmi.com/caselaws?id=764385 ITAT Jaipur allowed the appeal where the assessee was denied benefit of new tax regime under section 115BAC due to late submission of Form 10IE. The tribunal held that late submission of Form 10IE for one assessment year does not debar the assessee from opting for the new tax regime in subsequent years by filing fresh Form 10IE before the due date. The court ruled that the assessee can avail concessional tax rates for AY 2023-24 based on the previously expressed option, provided all other statutory requirements under section 115BAC(5)(i) are fulfilled. The department was directed to consider the option already exercised. en-us Wed, 11 Dec 2024 00:00:00 +0530 Thu, 09 Jan 2025 07:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764385 ITAT Jaipur allowed the appeal where the assessee was denied benefit of new tax regime under section 115BAC due to late submission of Form 10IE. The tribunal held that late submission of Form 10IE for one assessment year does not debar the assessee from opting for the new tax regime in subsequent years by filing fresh Form 10IE before the due date. The court ruled that the assessee can avail concessional tax rates for AY 2023-24 based on the previously expressed option, provided all other statutory requirements under section 115BAC(5)(i) are fulfilled. The department was directed to consider the option already exercised. Case-Laws Income Tax Wed, 11 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764385