https://www.taxtmi.com/caselaws?id=762609 The ITAT Kolkata allowed the assessee's appeal regarding weighted deduction under Section 35(1)(ii) for donation made to SHGPH. Despite AO's finding that SHGPH provided bogus donation entries through brokers and CIT(A) dismissing the appeal, ITAT held that the assessee conducted proper due diligence, made genuine payment through banking channels to a government-approved organization, and acted with ordinary prudence. Following Calcutta HC precedent, retrospective withdrawal of approval does not affect deduction rights for genuine donations made to approved societies when approval was valid at payment time. en-us Fri, 29 Nov 2024 00:00:00 +0530 Tue, 03 Dec 2024 19:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762609 The ITAT Kolkata allowed the assessee's appeal regarding weighted deduction under Section 35(1)(ii) for donation made to SHGPH. Despite AO's finding that SHGPH provided bogus donation entries through brokers and CIT(A) dismissing the appeal, ITAT held that the assessee conducted proper due diligence, made genuine payment through banking channels to a government-approved organization, and acted with ordinary prudence. Following Calcutta HC precedent, retrospective withdrawal of approval does not affect deduction rights for genuine donations made to approved societies when approval was valid at payment time. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762609