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CSR Donations Eligible u/s 80G, 45IC Reserve Not Deductible: ITAT Kolkata
Case Law Details
- Case Name
- SREI Equipment Finance Limited Vs CIT (Appeals) (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Kolkata
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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 co...
Author Info
