The income tax department irregularly allowed deduction to assessees in 19 cases in eight states in respect of income earned through sale of carbon credit
GN Bureau | November 23, 2016
The income tax department irregularly allowed deduction to assessees in 33 cases across 13 states in respect of infrastructure developed by joint venture formed by collaboration with foreign companies, undertakings owned by association of persons (AOPs), assessees who did not enter into agreement with the government, non-compliant industrial park and excluded works contractors. This resulted in underassessment of income involving tax effect of Rs 205.84 crore, observed the CAG.
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