Home Income tax Corporate Income tax Chennai ITAT Holds Disallowance of Tax Deduction U/S 80IC Due to Failure to E-file Form 10CCB

Chennai ITAT Holds Disallowance of Tax Deduction U/S 80IC Due to Failure to E-file Form 10CCB

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Chennai ITAT Holds Disallowance of Tax Deduction U/S 80IC Due to Failure to E-file Form 10CCB
Chennai ITAT's Order for TVS Srichakra Limited

The authorized matter between TVS Srichakra Restricted and DCIT at ITAT Chennai revolves across the disapproval of a deduction below Part 80IC. This disapproval stems from the failure to submit Kind 10CCB together with the earnings return for the evaluation yr 2016-17.

The crux of the dispute lies within the appellant, TVS Srichakra Restricted, asserting a deduction of Rs. 35,46,93,234 below Part 80IC of the Revenue-tax Act, and the following denial of this declare by the authorities. Consequently, the case has been introduced earlier than the Revenue Tax Appellate Tribunal (ITAT) in Chennai.

Within the return of earnings for the evaluation yr 2016-17, TVS Srichakra Restricted disclosed a complete earnings of Rs. 2,17,65,64,610/-. The disagreement arises from the disallowance of the claimed deduction because of the failure to file an audit report in Kind 10CCB together with the earnings return. The Deputy Commissioner of Revenue Tax disapproved the deduction, citing the absence of the audit report.

TVS Srichakra Restricted contended that it obtained the audit report on 29.11.2016 however selected to not file it concurrently with the earnings return. The argument put forth was that getting the report earlier than submitting must be deemed adequate, and denial based mostly on non-filing is perceived as unjust. Nevertheless, the Commissioner of Revenue Tax (Appeals) [CIT(A)], below related provisions, upheld the disallowance.

The appellant raised grounds of enchantment difficult the CIT(A)’s resolution, emphasizing the listing nature of submitting Kind 10CCB and the eligibility for deduction below Part 80IC.

After a radical examination of the case, the ITAT Chennai dismissed the enchantment filed by TVS Srichakra Restricted. The denial of deduction below Part 80IC was thought of justified because of the failure to submit Kind 10CCB together with the earnings return. The tribunal affirmed the CIT(A)’s resolution, underscoring the significance of adhering to statutory necessities for claiming deductions.

Necessary: Full Particulars About e-filing 10B Kind by way of Gen I-T Software program

This case underscores the importance of complying with procedural norms. Companies ought to make sure the well timed and correct submitting of related kinds to keep away from disallowances and to uphold their claims below varied sections of the Revenue-tax Act.

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