Belated Return Not a Bar to Section 115BAA Concessional Tax: ITAT Mumbai

Vashishtha Luxury Fashion Limited Vs Deputy Director of Income Tax/ITO (ITAT Mumbai) Belated Return Does Not Defeat Section 115BAA Benefit — ITAT Allows Concessional Tax Regime The Mumbai Bench of the Income Tax Appellate Tribunal allowed the assessee company’s appeal for AY 2023-24 and held that the benefit of the concessional tax regime under section 115BAA cannot be denied merely because the return of income was filed belatedly under section 139(4), when Form 10-IC was filed within the prescribed due date. The assessee had opted for taxation under section 115BAA and filed Form 10-IC wit...