ITAT Kolkata allows Section 80M deduction for ‘Dividend Distributed’ before Income Tax Return filing due date

Purnasons Pvt Ltd Vs ITO (ITAT Kolkata) The case of Purnasons Pvt Ltd vs ITO, adjudicated by the Kolkata ITAT, revolves around the allowance of deduction under Section 80M of the Income Tax Act. The appeal, pertaining to the Assessment Year 2021-22, challenges the disallowance of a deduction claimed by Purnasons Pvt Ltd under Section 80M of the Income Tax Act. The company, primarily earning income from commission, contested the disallowance of Rs. 30 Lakh. The contention of the appellant rests on the interpretation of Section 80M, which allows a deduction equal to the dividend distributed on o...