Deduction cannot be Denied for mere Wrong Classification in ITR: ITAT Chennai

National Contracting Company (India) Private Limited Vs DCIT (ITAT Chennai) Introduction: The Chennai Income Tax Appellate Tribunal (ITAT) recently delivered a significant ruling in the case of National Contracting Company (India) Private Limited vs. Deputy Com-missioner of Income Tax (DCIT). The decision, pronounced on June 24, 2024, addresses the issue of whether a wrong classification in an Income Tax Return (ITR) can result in the denial of a legitimate deduction. Background of the Case: National Contracting Company (India) Private Limited, the appellant, filed its return of income for the...