Section 115BAA Benefit Cannot Be Denied for Procedural Lapse – Form 10IC Filed Later Valid, Matter Restored

Electronfab Engineering Pvt Ltd. Vs CPT/ITO (ITAT Mumbai) Section 115BAA Benefit Cannot Be Denied for Procedural Lapse – Form 10IC Filed Later Valid, Matter Restored The assessee company filed its original return without opting for concessional tax regime u/s 115BAA, but later: Filed Form 10IC before filing corrected return u/s 139(9) Rectified defective return and expressed clear intent to opt for 115BAA However, CPC denied the benefit during processing u/s 143(1) and raised demand. CIT(A) upheld the denial. Before ITAT, key points were: Form 10IC was on record before processing Delay wa...