https://www.taxtmi.com/caselaws?id=782797 ITAT held that once the assessee validly exercises the option under s.115BAA by filing Form 10IC in the initial assessment year, that option continues for subsequent years and need not be re-exercised annually, unless conditions in s.115BAA(2) are violated. Form 10IC filed belatedly for AY 2020-21 was held valid and applicable for AY 2021-22 and later years, as it was on record before the due date for AY 2021-22. Accordingly, denial of concessional tax rate in the s.143(1) intimation was set aside. Further, CPC's adhoc addition under s.143(1) was held without jurisdiction and directed to be deleted by rectification under s.154. en-us Tue, 07 Oct 2025 00:00:00 +0530 Wed, 03 Dec 2025 10:15:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782797 ITAT held that once the assessee validly exercises the option under s.115BAA by filing Form 10IC in the initial assessment year, that option continues for subsequent years and need not be re-exercised annually, unless conditions in s.115BAA(2) are violated. Form 10IC filed belatedly for AY 2020-21 was held valid and applicable for AY 2021-22 and later years, as it was on record before the due date for AY 2021-22. Accordingly, denial of concessional tax rate in the s.143(1) intimation was set aside. Further, CPC's adhoc addition under s.143(1) was held without jurisdiction and directed to be deleted by rectification under s.154. Case-Laws Income Tax Tue, 07 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782797