No Section 10AA Deduction Denial for Late Form 56F Filing: Madras HC

PCIT-1 Vs Astrotech Steels Private Limited (Madras High Court) Madras High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax-1, Chennai, affirming that an income tax deduction under Section 10AA cannot be denied solely due to a delay in filing the statutory Form 56F. The court’s decision, pronounced on July 3, 2024, upheld orders by the Income Tax Appellate Tribunal (ITAT), “C” Bench, Chennai, and the Commissioner of Income Tax (Appeals) (CIT(A)). The case involved Astrotech Steels Private Limited, which filed its income tax return for Assessment...