Eradicatus Infectus Pvt. Ltd. vs. DCIT
Parties Involved
Facts Summary
The assessee-company, Eradicatus Infectus Pvt. Ltd., incorporated on 04.12.2019, is engaged in the business of Healthcare & Lifesciences Industry & Medical Devices/ Bio Medical Sector. The company filed its Income Tax Return for AY 2023-24 on 31.10.2023, declaring NIL income after claiming a deduction of Rs. 3,56,22,482/- under section 80IAC of the Income Tax Act, 1961. The company has been recognized as a Startup by the Department for Promotion of Industry and Internal Trade and has obtained a Certificate of Recognition valid up to 03.12.2029. The company's accounts were audited as per the provisions of the Act, and the deduction was certified by the Tax Auditors. However, the CPC, Bengaluru disallowed the deduction on the ground that the assessee had not filed Form No. 10CCB within the due date. The assessee appealed before the ld. CIT(A), who dismissed the appeal, leading to the current appeal before the Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Disallowance of deduction claimed under section 80IAC due to non-filing of Form 10CCB.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
10 precedents cited in this judgement.