There is no ambiguity in the language of Sub-section (5) of Section
115BAA of the Act. It clearly provides that the section would ... strictly in accordance with the terms of
Sub-section (2) of Section 115BAA of the Act. However, in our view, the
same would
submitted that in the income tax return, the assessee company
opted section 115BAA of the Act for taxation for the year under
reference ... Form 10IC. As per the provisions of
Act, for opting section 115BAA of the Act for taxation, the
assessee company has to file the Form
counsel for the petitioner/assessee,
is embedded in sub-section (5) of Section 115BAA of the Act read with
Rule 21AE(2) of the Income ... extracted hereafter:
"21AE. Exercise of option under sub-section (5) of section 115BAA .
(1) The option to be exercised in accordance with the provisions
once again, in
accordance with the provisions of sub-section (5) of Section 115BAA of the
Act, the petitioner continued to opt for being taxed ... assessee has exercised his option in
terms of sub-section (1) of Section 115BAA , then, before proceeding further,
should the Assessing Officer (AO) not give
present case are that with a view to avail
benefits of Section 115BAA of the Act of 1961, as per the amended
provision the petitioner ... return, the respondent did not give the petitioner benefit of
Section 115BAA .
4. The petitioner, thereafter, filed an application on 20.01.2025 under
Section
which is necessary for exercising the option under
Section 115BAA of the Act of 1961.
Signature Not Verified
Digitally Signed
By:NAVEEN KUMAR ... Form, which is a condition precedent to claim benefit under Section
115BAA of the Act of 1961, has to be satisfied.
8. Heard learned counsel
been filed challenging the intimation dated
31st March, 2021, issued under Section 143(1) of the Income ... averred that though the
Petitioner had opted to be taxed under Section 115BAA of the Act, wherein
tax rate of 22% has been prescribed
