Form 3CD Reporting Error Not Sufficient to Deny Bonus Deduction: ITAT Bangalore

Unimech Aerospace and Manufacturing Limited Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore, allowed the assessee’s appeal on the issue of deduction of bonus paid under Section 43B of the Income Tax Act, holding that a mismatch between the Income Tax Return (ITR) and Form 3CD alone could not justify denial of a deduction where the payment was genuine and supported by evidence. The assessee, engaged in the manufacture of tooling for the aerospace, defence and power generation industries, filed its return of income for Assessment Year (AY) 2023-24 declaring a t...