https://www.taxtmi.com/caselaws?id=794664 A valid exercise of the section 115BAA option by filing Form No. 10-IC excludes the applicability of section 115JB by statutory command under section 115JB(5A). As the filing of Form No. 10-IC was undisputed, the company was not liable to Minimum Alternate Tax under section 115JB for the relevant year, and the circular was read as confirming that the option continues for subsequent years. The levy raised despite the valid option on record was therefore contrary to the governing provisions and constituted a mistake apparent from the record. The demand under section 115JB was liable to be deleted, and rectification under section 154 was justified. en-us Thu, 25 Jun 2026 00:00:00 +0530 Thu, 09 Jul 2026 08:35:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794664 A valid exercise of the section 115BAA option by filing Form No. 10-IC excludes the applicability of section 115JB by statutory command under section 115JB(5A). As the filing of Form No. 10-IC was undisputed, the company was not liable to Minimum Alternate Tax under section 115JB for the relevant year, and the circular was read as confirming that the option continues for subsequent years. The levy raised despite the valid option on record was therefore contrary to the governing provisions and constituted a mistake apparent from the record. The demand under section 115JB was liable to be deleted, and rectification under section 154 was justified. Case-Laws Income Tax Thu, 25 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794664