Deduction u/s 54 can not be denied if the amount has been utilized on or before the due date u/s 139(4): ITAT, Cuttack

ITO Puri Vs. Leelavati Paattamahadei It is held that the deduction u/s.54 of the I.T.Act, 1961 will be available to the appellant if the payments are made on or before the due date as per section 139(4) of the I.T. Act, 1961 and not as per section 139(1) as objected by the AO. In this…


Association of Persons OR Body of Individual

Association of Person: The Income Tax Act does not define the meaning and definition of AOP. In the absence of any definition under the Income Tax Act, the words must be read in their plain ordinary meaning. “AOP means two or more personas who join for a common purpose with a view to earn an…