PRIME SOURCE WORLD WIDE PRIVATE LIMITED,HYDERABAD vs. ITO, WARD - 16(1), HYDERABAD

ITA 1016/HYD/2026Status: DisposedITAT Hyderabad18 September 2026AY 2024-2516 pages
AI SummaryAllowed

What were the facts?

The assessee company filed a revised return opting for taxation under Section 115BAA, supported by Form-10IC filed on 13.12.2023. The benefit was denied by the CPC as the form was considered belated for the prior assessment year, and this denial was upheld by the CIT(A).

What did the Tribunal hold?

The Tribunal held that once Form-10IC is filed to exercise the option under Section 115BAA, it applies to subsequent assessment years. Therefore, the denial of the benefit for the current year based on the previous year's belated filing was incorrect.

What were the issues?

Whether the benefit of Section 115BAA, once opted for, continues to apply to subsequent assessment years even if the initial Form-10IC was filed belatedly.

Which sections of the Income-tax Act were involved?

Section 115BAA,Section 139

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, HYDERABAD

Before: SHRI VIJAY PAL RAO & SHRI MANJUNATHA G.

Pronounced: 18.09.2026

PER VIJAY PAL RAO, VICE PRESIDENT:

This appeal by the Assessee is directed against the Order dated 24.02.2026 of the learned CIT(A)-National Faceless Appeal Centre [in short "NFAC"], Delhi, for the assessment year 2024-2025. 2. The Assessee has raised the following grounds of appeal:

ITA 1016/HYD/

The order continues below.

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