ITAT Directs Re-adjudication on allowbility of property tax paid in earlier years

Rare Townships Private Limited Vs DCIT (ITAT Mumbai) Whether the adjustment of amount paid in earlier years on behalf of Collected BSD against the property tax liability of the assessee during the year under consideration would make the claim eligible for deduction under section 43B of the Act. Rare Townships Private Limited contested a decision by the Commissioner of Income Tax (Appeals)-54, Mumbai, regarding the disallowance of property tax payments totaling Rs.1,74,00,780 for AY 2018­19. The crux of the matter revolves around the interpretation of Section 43B of the Income Tax Act, 1961, p...