https://www.taxtmi.com/caselaws?id=783967 The dominant issue was whether an assessee could be denied concessional taxation under s. 115BAC for AY 2022-23/2023-24 due to delayed filing of Form 10IE. The Tribunal held that the option for the new regime had been validly exercised and never withdrawn, and s. 115BAC permitted exercise of the option up to AY 2023-24; further, once exercised, a fresh Form 10IE was not required for AY 2023-24. Treating the assessee's bona fide lapse as fatal was inconsistent with the statutory scheme and purpose of the new regime. Consequently, the AO was directed to compute tax under s. 115BAC, and the appeal was allowed. en-us Tue, 16 Dec 2025 00:00:00 +0530 Fri, 26 Dec 2025 07:18:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783967 The dominant issue was whether an assessee could be denied concessional taxation under s. 115BAC for AY 2022-23/2023-24 due to delayed filing of Form 10IE. The Tribunal held that the option for the new regime had been validly exercised and never withdrawn, and s. 115BAC permitted exercise of the option up to AY 2023-24; further, once exercised, a fresh Form 10IE was not required for AY 2023-24. Treating the assessee's bona fide lapse as fatal was inconsistent with the statutory scheme and purpose of the new regime. Consequently, the AO was directed to compute tax under s. 115BAC, and the appeal was allowed. Case-Laws Income Tax Tue, 16 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783967