ITAT Upholds Section 115BAA Option via Revised Return, Allows Loss Set-Off

ACIT Vs Lahari Holiday Homes (P) Ltd. (ITAT Hyderabad) Overview The case concerns the tax treatment of Lahari Holiday Homes Pvt. Ltd. regarding its exercise of the option under section 115BAA of the Income Tax Act, 1961, for the Assessment Year 2021-22. The core issues debated were whether a revised return exercising the section 115BAA option after initial filing under the Minimum Alternate Tax (MAT) regime was permissible and whether losses and depreciation could be carried forward and set off under the restrictions of section 115BAA(2). Background The petitioner, Lahari Holiday Homes Pvt. Lt...