Taxpayer earned Rs 81 crore tax exempt income; I-T dept disallowed tax exemption on Rs 17 crore income; Taxpayer fights and wins case in ITAT Delhi

A notable victory has been achieved in the tax arena as a taxpayer triumphed at ITAT Delhi, overcoming a significant hurdle with the Income Tax Department’s disallowance of tax exemptions on Rs 17 crore. The tribunal decisively indicated that disallowance should apply strictly to investments generating exempt income.

from Tax-Wealth-Economic Times https://ift.tt/1S43u9x