https://www.taxtmi.com/caselaws?id=778457 An election under section 115BAA, once validly exercised in the prescribed manner, is binding for subsequent assessment years and cannot later be withdrawn. However, the concessional regime remains available only if its statutory conditions are satisfied; a claim of MAT credit under section 115JAA and filing the return under the normal regime were treated as inconsistent with that option. Applying substantial compliance and beneficial interpretation, the Tribunal held that procedural lapses should not defeat substantive entitlement, but directed verification of MAT credit and fresh tax computation. The option was therefore not accepted as withdrawable, while the computation issue was restored for reconsideration under the old regime. en-us Tue, 19 Aug 2025 00:00:00 +0530 Wed, 17 Sep 2025 08:31:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778457 An election under section 115BAA, once validly exercised in the prescribed manner, is binding for subsequent assessment years and cannot later be withdrawn. However, the concessional regime remains available only if its statutory conditions are satisfied; a claim of MAT credit under section 115JAA and filing the return under the normal regime were treated as inconsistent with that option. Applying substantial compliance and beneficial interpretation, the Tribunal held that procedural lapses should not defeat substantive entitlement, but directed verification of MAT credit and fresh tax computation. The option was therefore not accepted as withdrawable, while the computation issue was restored for reconsideration under the old regime. Case-Laws Income Tax Tue, 19 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778457