The assessee had exercised the option under section 115BAB in the earlier assessment year by filing Form No. 10-ID within the prescribed time. While processing the return under section 143(1) for the subsequent year, CPC applied the normal tax rate of 30 per cent. on the ground that no fresh option had been exercised. The Tribunal held that once the option under section 115BAB is validly exercised, it continues to apply to subsequent years and no fresh Form No. 10-ID is required. Further, the question whether the assessee had commenced manufacturing was a debatable factual issue which could not be adjusted while processing the return under section 143(1). The denial of the concessional tax rate without granting an opportunity of hearing was therefore unsustainable. (AY. 2023-24).