Sub-section (5) : Where assessee-company had validly opted for provisions of section 115BAA for assessment year 2020-21 and revenue authorities having not found any error in such valid claim had allowed option exercised for lower tax rate for assessment year 2020-21, assessee was not required to exercise option for subsequent assessment year under provision of section 115BAA(5) unless first option was rendered invalid due to violation of any condition contained in sub-clause (ii) or sub-clause (iii) of clause (a) or clause (b) of section 115BAB(2) – Narayani Laxmi Viniyog (P.) Ltd. v. Income-tax Officer – [2024] 166 taxmann.com 373 (Kolkata – Trib.)
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