The Tribunal examined the provisions of Section 115BAC(5), which govern the exercise of the option for the new tax regime. The Tribunal observed that the assessee had indeed exercised the option by filing Form 10IE on 08 November 2022. Accordingly, the Tribunal directed the Assessing Officer to compute the assessee’s tax liability for AY 2023–24 under the new tax regime as per Section 115BAC. AO erred in determining the income tax payable under section 115JC without appreciating that I had duly Opted to pay Tax under section 115BAC. He was denied the benefit of the taxation under the new regime because of delayed filing of Form 10IE for AY 2022-23.