Form 10-IC option under concessional corporate taxation continues for subsequent years without annual refiling requirements.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Section 115BAA concessional taxation remains available in subsequent assessment years once a domestic company validly exercises the option through Form 10-IC. The option applies thereafter and cannot be withdrawn, so a fresh Form 10-IC is not required for each succeeding year. Denial of the concessional rate solely because no new form was filed for the relevant subsequent year is unsustainable.....