CSR Deduction u/s 80G Valid, Section 263 Order Quashed: ITAT Mumbai

Dalal And Broacha Stock Broking Pvt. Ltd. Vs PCIT -4 (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai has quashed a revision order issued by the Principal Commissioner of Income Tax (PCIT)-4, Mumbai, for the assessment year 2020-21. The PCIT had invoked Section 263 of the Income-tax Act, 1961, to revise an assessment order related to Dalal And Broacha Stock Broking Pvt. Ltd.’s claim for deduction under Section 80G on Corporate Social Responsibility (CSR) expenses. The ITAT ruled that the original assessment order was neither erroneous nor prejudicial to the interest of the reven...