https://www.taxtmi.com/caselaws?id=397143 The Tribunal allowed the appeal, setting aside the CIT(A)'s order and granting the appellant the deduction under section 35D for expenses incurred in connection with the Qualified Institutional Placement (QIP). The Tribunal held that Qualified Institutional Buyers (QIBs) qualify as "public," making the appellant eligible for the deduction under section 35D. The Tribunal emphasized the broader interpretation of "public" and the legislative intent behind the relevant sections of the Income-tax Act, ultimately allowing the deduction claim. en-us Tue, 14 Jul 2020 00:00:00 +0530 Thu, 06 Aug 2020 07:55:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397143 The Tribunal allowed the appeal, setting aside the CIT(A)'s order and granting the appellant the deduction under section 35D for expenses incurred in connection with the Qualified Institutional Placement (QIP). The Tribunal held that Qualified Institutional Buyers (QIBs) qualify as "public," making the appellant eligible for the deduction under section 35D. The Tribunal emphasized the broader interpretation of "public" and the legislative intent behind the relevant sections of the Income-tax Act, ultimately allowing the deduction claim. Case-Laws Income Tax Tue, 14 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397143