Delay in Claiming Investment Allowance Not a Ground for Rejection Without Proper Verification

Apar Industries Ltd Vs DCIT (ITAT Mumbai) In Apar Industries Ltd Vs DCIT, the Income Tax Appellate Tribunal (ITAT), Mumbai, examined whether a fresh claim for deduction under Section 32AC of the Income-tax Act, 1961, raised for the first time during appellate proceedings, could be rejected solely on the grounds of delay. The assessee, engaged in manufacturing conductors, cables, and transformer oil, filed its return for AY 2015–16 declaring income under normal and book profit provisions. During appellate proceedings before the Commissioner of Income-tax (Appeals), the assessee raised an addi...