Taxpayer Can Opt for Concessional Rate u/s 115BAC(5)(i) Despite Late Form 10IE in Previous Year.

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....Assessee allowed to opt for concessional tax rate u/s 115BAC(5)(i) for AY 2023-24 based on Form 10IE submitted late for previous AY, subject to fulfilling other legal requirements. ITAT held that once Form 10IE rejected for late submission in earlier AY, law does not debar assessee from submitting fresh form before due date of subsequent AY's ITR to avail new tax regime benefits. No revenue loss caused by permitting option exercise for next AY based on earlier rejected form.....