https://www.taxtmi.com/caselaws?id=766580 The ITAT Mumbai held that an assessee was entitled to benefits under the new tax regime u/s 115BAC despite filing returns under the old regime. The tribunal ruled that filing Form 10-IE is directory, not mandatory, and sufficient if available before the AO during assessment. Since the assessee's Form 10-IE filed for AY 2021-22 remained valid and unwithdrown during AY 2022-23 assessment proceedings, the return should have been processed under the new tax regime. The tribunal emphasized that benevolent provisions must be interpreted liberally to achieve their intended purpose, and accordingly deleted the addition made by lower authorities. en-us Mon, 27 Jan 2025 00:00:00 +0530 Fri, 28 Feb 2025 08:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766580 The ITAT Mumbai held that an assessee was entitled to benefits under the new tax regime u/s 115BAC despite filing returns under the old regime. The tribunal ruled that filing Form 10-IE is directory, not mandatory, and sufficient if available before the AO during assessment. Since the assessee's Form 10-IE filed for AY 2021-22 remained valid and unwithdrown during AY 2022-23 assessment proceedings, the return should have been processed under the new tax regime. The tribunal emphasized that benevolent provisions must be interpreted liberally to achieve their intended purpose, and accordingly deleted the addition made by lower authorities. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766580