ITAT Approves 25% Concessional Tax Rate for Turnovers Under Rs. 250 Crores

Shriram Properties Ltd. Vs Asst. Director of Income Tax (ITAT Chennai) In a landmark decision, the Income Tax Appellate Tribunal (ITAT) Chennai has affirmed a 25% concessional tax rate for companies with gross turnovers not exceeding ₹250 crores, marking a significant ruling in the case of Shriram Properties Ltd. Vs Assistant Director of Income Tax. This article delves into the case’s background, the ITAT’s analysis, and the implications of this ruling. The dispute arose from cross-appeals filed by Shriram Properties Ltd. and the Revenue against the order of the Commissioner of I...