Section 143(1) Adjustment Cannot Deny 115BAB Concessional Rate

Satara Engineering Projects And Equipments Private Limited Vs DCIT (ITAT Pune) Section 115BAB Concessional Tax @15% Cannot Be Denied in Subsequent Year Once Option Validly Exercised The Pune Bench of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal for AY 2024-25, holding that the CPC and CIT(A) erred in taxing the assessee at 22% under section 115BAA instead of the concessional 15% rate under section 115BAB, despite the assessee having validly exercised the option in an earlier year. The assessee, a new manufacturing company, had opted for section 115BAB for the first ...