Form 10-IE Filed, But Old Regime Return filed: ITAT Pune Rejects New Tax Regime Enforcement

Akshay Nitin Malu Vs ITO (ITAT Pune) In the case of Akshay Nitin Malu Vs ITO, the Pune ITAT addressed a dispute regarding the taxation regime for assessment year 2022-23. The assessee, a cloth manufacturer, initially opted for the new tax regime under section 115BAC and filed Form 10-IE. However, after realizing that the old regime would be more beneficial, the assessee filed the return of income under the old regime. Despite this, the Centralized Processing Center (CPC) processed the return under the new regime, citing the earlier submission of Form 10-IE. The assessee contested this, arguing...