Bombay HC Allows Income Tax Deduction u/s 80IA(4)(iii) for Industrial Park

PCIT Vs Punit Chettiar alias Punit Balan (Bombay High Court) The Bombay High Court addressed the issue of income tax deduction under Section 80IA(4)(iii) for an Industrial Park project in the case of PCIT vs. Punit Chettiar alias Punit Balan. The court examined the approval granted by the Ministry of Commerce and Industry and dismissed the Assessing Officer’s disallowance based on an erroneous report. The Assessee had claimed a deduction under Section 80IA(4)(iii) of the Income Tax Act for the Sai Trinity project in Pune. The Assessing Officer disallowed the deduction based on a letter s...