ITAT backs Section 80-IA deduction in late Form 10CCB case
In short
An ITAT has supported a tax deduction in a case where a company lost Rs 44.25 lakh because Form 10CCB was filed late. Taxscan says the deduction under Section 80-IA was still allowed because the accounts were audited and the report was filed before the return was processed.
What the reporting says
An ITAT ruling upheld a Section 80-IA deduction after a company lost Rs 44.25 lakh in income-tax relief over a delayed Form 10CCB filing. Taxscan’s summary says the deduction was allowed because the accounts were audited and the report was submitted before return processing. The decision matters for taxpayers facing technical filing delays in claiming eligible deductions.
Why it matters
The brief reports an ITAT decision involving a company that lost Rs 44.25 lakh in income-tax deduction due to late filing of Form 10CCB. The tribunal upheld Section 80-IA relief because the audit was completed and the report was filed before processing of the return. The case is relevant for taxpayers claiming infrastructure-related deductions under Section 80-IA.