ZENITH DRUGS LIMITED,INDORE vs. INCOME TAX OFFICER 4(3), INDORE

ITA 623/IND/2025Status: DisposedITAT Indore18 August 2026AY 2024-2513 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that Section 115BAA(5) allows the option to be exercised once and it applies to subsequent assessment years. Since Form 10-IC was filed and the option was exercised, the benefit should be allowed for the current assessment year.

What were the facts?

The assessee claimed the benefit of Section 115BAA by filing Form 10-IC. However, the Assessing Officer and CIT(A) denied this benefit, stating that Form 10-IC was filed late for the previous assessment year and a fresh option was not exercised for the current assessment year.

What were the issues?

Whether the benefit of Section 115BAA can be denied if Form 10-IC was filed late in a previous year, and if a fresh option is required for subsequent years.

Which sections of the Income-tax Act were involved?

Section 115BAA,Section 139(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI PARESH M. JOSHI & SHRI ARVIND SONI

For Appellant: CA & Sh
Hearing: 11.08.2026Pronounced: 18.08.2026

Per Paresh M. Joshi, JM:

This is an Appeal filed by the Assessee under section 253 of the income tax Act 1961, [ herein after referred to as the Act

for the sake of brevity] before this tribunal as & by way of a second Appeal. The Assessee is aggrieved by the order

bearing Number :-ITBA/APL/S/250/2025-26/1076452108(1)

Zenith Drugs Limited ITA No. 623/Ind/2025 AY-2024-2025 dated 26.05.2025 passed by the Ld. CIT(A) u/s 250 of the Act which is hereinafter referred as the “Impugned Order”.

The Relevant Assessment Year is 2024-25 and the corresponding Previous Period is from 01/04/2023 to 31/03/2024. 2. FACTUAL MATRIX

The order continues below.

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