https://www.taxtmi.com/caselaws?id=312816 The ITAT Chennai remitted the LTCG deduction issue under Section 54EC back to the AO for re-examination due to incomplete share transfer documentation, including unfilled Form 7B attestation and missing board resolution details. The Tribunal ruled against the assessee regarding weighted deduction under Section 35(1)(ii) for donation to a trust, finding the trust's recognition expired on 31.03.2006 and forged documents were submitted to misrepresent continued approval. The claim for business expenditure under Section 37(1) was also rejected as the payment was donation, not business expenditure. Decision favored revenue on deduction claims. en-us Fri, 24 May 2019 00:00:00 +0530 Sat, 09 Mar 2024 11:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312816 The ITAT Chennai remitted the LTCG deduction issue under Section 54EC back to the AO for re-examination due to incomplete share transfer documentation, including unfilled Form 7B attestation and missing board resolution details. The Tribunal ruled against the assessee regarding weighted deduction under Section 35(1)(ii) for donation to a trust, finding the trust's recognition expired on 31.03.2006 and forged documents were submitted to misrepresent continued approval. The claim for business expenditure under Section 37(1) was also rejected as the payment was donation, not business expenditure. Decision favored revenue on deduction claims. Case-Laws Income Tax Fri, 24 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312816