CSR Donations Eligible u/s 80G, 45IC Reserve Not Deductible: ITAT Kolkata

SREI Equipment Finance Limited Vs CIT (Appeals) (ITAT Kolkata) ITAT Kolkata Allows 80G Deduction on CSR Donation & MAT Relief on Special Reserve; Disallows RBI Reserve Claim Facts Assessee, an NBFC, transferred ₹52.69 Cr to Special Reserve u/s 45IC (RBI Act) & sought deduction under both normal provisions & MAT u/s 115JB. Donated ₹3 Cr to SREI Foundation (CSR activity), claimed deduction u/s 80G of ₹1.5 Cr (50%). Transferred ₹29.98 Cr to special reserve u/s 36(1)(viii) & claimed exclusion from MAT computation. Claimed deduction for employees’ ESI contribution deposi...