Form 10-IEA prevails over an inconsistent ITR selection; corresponding old-regime deductions must be allowed
Mumbai ITAT held that Form 10-IEA, being the prescribed statutory form for opting out of the new tax regime, would prevail over an inconsistent option selected in the return of income. Further, it has been held that where the Revenue applies the old tax regime based on Form 10- IEA, it must correspondingly allow all eligible deductions available under that regime.