CSR Contributions Eligible Under Section 80G: ITAT Mumbai

ACIT Vs Sharda Cropchem Limited (ITAT Mumbai) In ACIT vs. Sharda Cropchem Ltd. (ITA No. 6164/Mum/2024), the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled on the allowability of Corporate Social Responsibility (CSR) expenditure as deductions under Section 80G of the Income Tax Act for Assessment Year (AY) 2015-16. The tribunal observed that while Explanation 2 to Section 37(1), inserted by the Finance (No.2) Act, 2014, explicitly disallows CSR expenses as “business expenditure” for computing business income, this restriction does not extend to deductions claimed under Chapt...