Section 80G Deduction on Eligible CSR Donations Cannot Be Denied Solely Due to CSR Nature: ITAT Mumbai

JM Financial Credit Solutions Limited Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, disposed of two appeals filed by the assessee for Assessment Years 2018-19 and 2020-21 involving a common issue relating to the allowability of deduction under Section 80G of the Income Tax Act, 1961 for donations forming part of Corporate Social Responsibility (CSR) expenditure. The assessee had incurred CSR expenditure of ₹5.41 crore in accordance with Section 135 of the Companies Act, 2013. Out of the total donations made during the relevant year, the assessee claimed deduction un...