SC Upholds Rejection of 115BAA Claim for Failure to Exercise Option in Return

Sarla Holdings Private Limited Vs PCIT (Supreme Court of India) The Supreme Court dismissed the Special Leave Petition arising from the Delhi High Court’s decision upholding the rejection of a company’s request to revise its assessment for AY 2020-21 in order to claim the concessional corporate tax rate under Section 115BAA of the Income Tax Act, 1961. With the dismissal, the High Court’s findings remain conclusive. Read High Court Judgment in this case: Delay in filing Form 10-IC not condoned as option of lower taxation u/s. 115BAA not selected in return Before the High Court, the peti...