Wrong Classification In ITR Can't Result Into Denial In Deduction: Chennai ITAT
The Chennai Bench of Income Tax Appellate Tribunal has held that the claim of the assessee cannot be denied for the reason that a deduction was mentioned in the wrong classification in the ITR, especially in the circumstances where all other evidence is available on record suggesting the deduction in pursuance of the provisions of Section 43B is available.The bench of Manu Kumar. The Chennai Bench of Income Tax Appellate Tribunal has held that the claim of the assessee cannot be denied for the reason that a deduction was mentioned in the wrong classification in the ITR, especially in the circumstances where all other evidence is available on record suggesting the deduction in pursuance of the provisions of Section 43B is available. 79,25,442 as allowances under Section 43B in 'Part-A OI Schedule under 10' instead of showing it under any other allowance 'Schedule BP A-33' Column in the Income Tax Return. 79,25,442/- as allowances under Section 43B in 'Part-A OI Schedule under 10' instead of showing it under any other allowance, 'Schedule BP A-33' Column in the Income Tax Return.
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