Income Tax Addition made towards Unsubstantiated Share Capital is eligible for Deduction u/s 80-IC of Income Tax Act: Delhi HC [Read Order]

Income tax addition made towards unsubstantiated share capital is eligible for deduction under Section 80-IC of Income Tax Act, rules Delhi HC
By Kalyani B. Nair - On April 7, 2024 11:00 am - 2 mins read
Income Tax Exemption - Salaried Employees - Income Tax Exemption for Salaried Employees - taxscan

In a significant ruling the Delhi High Court observed that the income tax addition made towards unsubstantiated share capital is eligible for deduction under Section 80-IC of the Income Tax Act, 1961. he petitioner-assessee impugned the order passed by the Income Tax Settlement Commission with the challenge being restricted to the additions made with respect…

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