Taxpayer permitted to opt for concessional tax rate in subsequent year despite late Form 10IE filing in previous year.

A taxpayer was allowed to opt for a concessional tax rate under Section 115BAC(5)(i) for the Assessment Year 2023-24, despite submitting Form 10IE late for the previous year. The Income Tax Appellate Tribunal (ITAT) ruled that although the form was rejected due to late submission in the earlier assessment year, the taxpayer is not barred from submitting a new form before the due date of the subsequent year's income tax return to benefit from the new tax regime. The decision was made as no revenue loss was incurred by allowing this option for the next assessment year. .....

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