https://www.taxtmi.com/caselaws?id=782188 ITAT Raipur set aside the order of CIT(A)/NFAC denying the concessional 15% tax rate under s.115BAB for AYs 2023-24 and 2024-25 and remanded the matter for de novo adjudication. The Tribunal held that CIT(A)/NFAC must correctly interpret the return of income and verify the assessee's claim that it had duly opted for taxation under s.115BAB. If, on verification, the option is found to have been validly exercised, the revenue must determine, on facts, the applicability of the concessional rate. The Tribunal emphasized the department's duty to use its machinery to ensure that the rights of a bona fide assessee are not prejudiced. en-us Wed, 23 Jul 2025 00:00:00 +0530 Wed, 26 Nov 2025 08:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782188 ITAT Raipur set aside the order of CIT(A)/NFAC denying the concessional 15% tax rate under s.115BAB for AYs 2023-24 and 2024-25 and remanded the matter for de novo adjudication. The Tribunal held that CIT(A)/NFAC must correctly interpret the return of income and verify the assessee's claim that it had duly opted for taxation under s.115BAB. If, on verification, the option is found to have been validly exercised, the revenue must determine, on facts, the applicability of the concessional rate. The Tribunal emphasized the department's duty to use its machinery to ensure that the rights of a bona fide assessee are not prejudiced. Case-Laws Income Tax Wed, 23 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782188