https://www.taxtmi.com/caselaws?id=778023 ITAT Delhi-AT allowed the assessee's appeal, holding that denial of the concessional 22% tax rate u/s 115BAA solely due to delayed filing of Form 10IC and belated return was unjustified. The Tribunal found the assessee had clearly opted for the new regime in the return and in Form 3CA, computed and paid tax at 22%, and forewent relevant deductions, amounting to substantial compliance. The delay, caused by search-related disruption in finalising accounts, was treated as a bona fide, exceptional circumstance, and the procedural lapse was not allowed to override the substantive benefit. en-us Fri, 29 Aug 2025 00:00:00 +0530 Thu, 27 Nov 2025 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778023 ITAT Delhi-AT allowed the assessee's appeal, holding that denial of the concessional 22% tax rate u/s 115BAA solely due to delayed filing of Form 10IC and belated return was unjustified. The Tribunal found the assessee had clearly opted for the new regime in the return and in Form 3CA, computed and paid tax at 22%, and forewent relevant deductions, amounting to substantial compliance. The delay, caused by search-related disruption in finalising accounts, was treated as a bona fide, exceptional circumstance, and the procedural lapse was not allowed to override the substantive benefit. Case-Laws Income Tax Fri, 29 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778023