Assessee company filed its return of income for the relevant assessment year on 13-2-2021. In its return, assessee had not opted for taxation under section 115BAA. Assessee contended that there was some confusion regarding the manner of claiming the benefit of lower taxation under section 115BAA, and it failed to select the option for the same. It further stated that soon thereafter, its finance officer recovered from COVID-19 and verified the return, and he became aware that assessee had not opted for the option under section 115BAA, and, therefore, filed a revised return on 26-3-2021 and also surrendered depreciation on goodwill. However, the Assessing Officer passed an assessment order under section 115JB. On writ, the  High Court held that sub-section (5) of section 115BAA clearly provides that section 115BAA would not be applicable unless (a) an option is exercised by the assessee in a prescribed manner; and (b) before the due date specified under section 139(1) for furnishing the return of income. Further, since assessee had not opted for lower taxation under section 115BAA in its return and its computation of depreciation was not strictly in accordance with terms of sub-section (2) of section 115BAA, it could not be allowed to revise its return and file Form 10-IC after due date for filing return under section 139(1) so as to avail benefit of lower taxation under section 115BAA  of the Act.   SLP dismissed. (AY. 2020-21)