ITAT Quashes Rectification Order, Restores Section 11 Exemption Over Late Form 10B Filing The ITAT Mumbai set aside a rectification order passed denying the Section 11 exemption because Form 10B was filed late, holding that the company was awarded a proper opportunity of hearing before issuing the order. The appeal was filed by a charitable…
Section 54F Deduction Must Follow Statutory Formula, Not CGAS Deposit: ITAT The ITAT upheld the Rs. 3.91 lakh addition, ruling that the Section 54F deduction must follow the statutory formula and CGAS deposits cannot exceed the computed eligible exemption. The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench “C” has announced its decision on an appeal filed…
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