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2023 (4) TMI 1428 - HC - Income Tax


The Calcutta High Court, in an appeal under Section 260A of the Income Tax Act, 1961, upheld the Income Tax Appellate Tribunal's order deleting the addition made by the revenue for disallowance of deduction under Section 80-IC. The key legal issue was whether non-submission of Form 10CCB with the return could justify denial of the Section 80-IC deduction. Relying on the Supreme Court's ruling in *C.I.T vs. G.M. Knitting Industries Pvt. Ltd.*, 376 ITR 456, the Court held that "a mere procedural irregularity is not fatal to claim deduction under Section 80-IC." The Court further referenced analogous precedents, including *M/s. Winro Commercial (India) Ltd. vs. Principal Commissioner of Income Tax*, ITAT 237 of 2022, and decisions from Delhi and Calcutta High Courts, emphasizing that procedural lapses cannot defeat substantive claims for deduction. Consequently, the Court affirmed the Tribunal's decision in favor of the assessee and dismissed the revenue's appeal and stay application.

 

 

 

 

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