https://www.taxtmi.com/caselaws?id=800736 Valid exercise of the statutory option by furnishing Form No. 10-ID within the prescribed time makes the option applicable to subsequent assessment years and irrevocable. Nil income or no tax computation under the concessional regime in the first eligible year does not itself withdraw or cancel that option. However, the continuing option does not independently establish entitlement to the concessional tax rate. Eligibility remains subject to verification of the substantive conditions applicable for the relevant year. Continued availability of the option and entitlement to concessional tax treatment are therefore distinct matters. en-us Wed, 07 Oct 2026 00:00:00 +0530 Sat, 10 Oct 2026 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800736 Valid exercise of the statutory option by furnishing Form No. 10-ID within the prescribed time makes the option applicable to subsequent assessment years and irrevocable. Nil income or no tax computation under the concessional regime in the first eligible year does not itself withdraw or cancel that option. However, the continuing option does not independently establish entitlement to the concessional tax rate. Eligibility remains subject to verification of the substantive conditions applicable for the relevant year. Continued availability of the option and entitlement to concessional tax treatment are therefore distinct matters. Case-Laws Income Tax Wed, 07 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800736