Gratuity tax deduction of ₹79.25 lakh denied over wrong ITR schedule, ITAT Chennai rules in taxpayer’s favour
· livemint.com
A ₹79.25 lakh gratuity deduction was initially denied after the taxpayer reported it under the wrong ITR schedule and omitted it from Form 3CD. ITAT Chennai ruled that a genuine Section 43B claim cannot be denied merely because of an inadvertent reporting error.
A company that lost a ₹79.25 lakh gratuity deduction because of an error in its income tax return has won relief from the Income Tax Appellate Tribunal (ITAT)...