https://www.taxtmi.com/caselaws?id=774447 The ITAT Raipur upheld the disallowance of concessional tax rate under Section 115BAB after the assessee failed to file Form 10ID within the statutory deadline. The assessee filed their first return for AY 2021-22 on 24.02.2022 but submitted Form 10ID only on 21.09.2024, well beyond the due date. The tribunal emphasized that quasi-judicial authorities must strictly interpret fiscal statutes literally, without deviation from legislative intent. The CPC's rejection of the lower tax rate claim was deemed correct as the mandatory compliance requirement was not met. The CIT(Appeals)/NFAC order was upheld. en-us Wed, 25 Jun 2025 00:00:00 +0530 Wed, 09 Jul 2025 08:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774447 The ITAT Raipur upheld the disallowance of concessional tax rate under Section 115BAB after the assessee failed to file Form 10ID within the statutory deadline. The assessee filed their first return for AY 2021-22 on 24.02.2022 but submitted Form 10ID only on 21.09.2024, well beyond the due date. The tribunal emphasized that quasi-judicial authorities must strictly interpret fiscal statutes literally, without deviation from legislative intent. The CPC's rejection of the lower tax rate claim was deemed correct as the mandatory compliance requirement was not met. The CIT(Appeals)/NFAC order was upheld. Case-Laws Income Tax Wed, 25 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774447