Section 115BAB Concessional Tax Cannot Be Denied in Subsequent Year Once Validly Exercised: ITAT Delhi

Ferranza Electric Vehicle Pvt. Ltd Vs DCIT (ITAT Delhi) ITAT Delhi – Sec 115BAB Concessional Tax Cannot Be Denied in Subsequent Year Once Validly Exercised; CPC Adjustment Set Aside In Ferranza Electric Vehicle Pvt. Ltd. vs DCIT (AY 2023-24), the ITAT Delhi allowed the assessee’s appeal and held that concessional tax benefit u/s 115BAB cannot be denied on technical grounds where the option had already been validly exercised in an earlier year. The CPC denied the benefit stating that the valid return for the year was filed belatedly; however, the Tribunal noted that Form 10-ID had been file...