https://www.taxtmi.com/caselaws?id=766151 ITAT Hyderabad held that a domestic company's belated filing of Form 10-IC for AY 2021-22 (filed on 29.03.2022 after due date of 15.03.2022) cannot deny Section 115BAA benefits for subsequent AY 2022-23. The tribunal ruled that while Revenue may deny benefits for the year of belated filing, the beneficial provisions of Section 115BAA extend to subsequent assessment years once the option is exercised. The court emphasized that Section 115BAA is beneficial legislation designed to reduce litigation and should not be denied on technical grounds. Appeal decided against Revenue. en-us Thu, 16 Jan 2025 00:00:00 +0530 Wed, 19 Feb 2025 08:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766151 ITAT Hyderabad held that a domestic company's belated filing of Form 10-IC for AY 2021-22 (filed on 29.03.2022 after due date of 15.03.2022) cannot deny Section 115BAA benefits for subsequent AY 2022-23. The tribunal ruled that while Revenue may deny benefits for the year of belated filing, the beneficial provisions of Section 115BAA extend to subsequent assessment years once the option is exercised. The court emphasized that Section 115BAA is beneficial legislation designed to reduce litigation and should not be denied on technical grounds. Appeal decided against Revenue. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766151