ITAT Chennai Upholds Deduction, Rejects Incorrect Classification In ITR
In a recent case, the Income Tax Appellate Tribunal in Chennai emphasised the correct classification of investment and expenses in the income tax returns to claim proper deductions and exemptions.
The taxpayer sought the allowability of deduction
under Section 80C of the Income Tax Act. However, the tax authorities
have not allowed the same for the assessee. On hearing the case, the ITAT
observed that the assessee had wrongly classified an investment, which was one
of the reasons for the denial of deduction. While there are many ways to save income tax, 80C is used as a deduction for
various investments.
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