Option under s.115BAA by filing Form 10-IC treated ineffectual if s.115BAA(2) conditions unmet and s.115JAA MAT credit claimed

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....ITAT held that the option under s.115BAA, once exercised by filing Form 10-IC, ordinarily cannot be withdrawn; however, where statutory conditions in s.115BAA(2) are not satisfied and the assessee claimed MAT credit under s.115JAA (which is incompatible with the concessional regime), the exercised option is treated as ineffectual for the relevant and subsequent assessment years. The Tribunal invalidated the s.115BAA election in such circumstances, directed remand to the file of the CIT(A) for verification of records and fresh adjudication, and permitted the assessee to compute tax under the pre-115BAA regime to enable a legitimate claim of MAT credit.....