https://www.taxtmi.com/caselaws?id=784612 The dominant issue was whether a belated return for a subsequent year disentitles an assessee from the concessional 15% rate under s.115BAB, warranting taxation at 22% under s.115BAA, due to non-compliance with the due date under s.139(1). The Tribunal held that s.115BAB(7) mandates timely filing of Form 10-ID in the prescribed manner only for the first assessment year in which the option is initially exercised; there is no statutory requirement that the return itself be filed within s.139(1) to claim the concessional rate. As a valid Form 10-ID option had been exercised and accepted in the first year, the assessee remained entitled to 15% under s.115BAB for the subsequent year; the appellate order was reversed and the appeal allowed. en-us Tue, 06 Jan 2026 00:00:00 +0530 Thu, 08 Jan 2026 08:22:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784612 The dominant issue was whether a belated return for a subsequent year disentitles an assessee from the concessional 15% rate under s.115BAB, warranting taxation at 22% under s.115BAA, due to non-compliance with the due date under s.139(1). The Tribunal held that s.115BAB(7) mandates timely filing of Form 10-ID in the prescribed manner only for the first assessment year in which the option is initially exercised; there is no statutory requirement that the return itself be filed within s.139(1) to claim the concessional rate. As a valid Form 10-ID option had been exercised and accepted in the first year, the assessee remained entitled to 15% under s.115BAB for the subsequent year; the appellate order was reversed and the appeal allowed. Case-Laws Income Tax Tue, 06 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784612