The ITR of a handloom weavers society is to be filled. It comes u/s 10(23B) of the Act - village or khadi industries and thus comes under ITR7. Its business unit was acquired by NH authorities and thus has income under head Capital Gains. It invested in another business unit within due date of its filing of return. The investment comes u/s 54D. But the ITR-7 has no provision for Sec 54D. Can we claim the deduction u/s 54D as exemption u/s 11A? The society is not registered u/s 23A.
The A return is to be filed for a village industry that comes under ITR-7 through Sec 139(4C) (Sec 23B -Khadi or village industries). Its business unit was acquired by NH Authorities . But the benefit was invested in another business unit within the due date of its return filing. As the society comes under Sec 139(4C), can we claim deduction as exemption u/s 11A? Society is not registered under Sec 23A.
Read more at: /forum/itr-7-village-industries-246665.asp#.UXUA5Ge84TY
Read more at: /forum/itr-7-village-industries-246665.asp#.UXUA5Ge84TY
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