Late filing of Form 10ID leads to denial of concessional tax benefits under Section 115BAB despite timely return submission

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....The ITAT upheld the disallowance of concessional tax rate benefits under Section 115BAB due to the assessee's failure to timely file Form 10ID. The assessee filed the return for AY 2021-22 within the prescribed deadline but submitted Form 10ID well beyond the due date. The tribunal emphasized strict compliance with statutory mandates, ruling that the literal interpretation of fiscal provisions is mandatory. Consequently, the denial of the concessional tax rate by the CPC and AO was affirmed, and the appellate authority's order was upheld, reinforcing that procedural timelines under the Income Tax Act must be strictly adhered to for claiming benefits under Section 115BAB.....