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The ITAT ruled that denial of weighted deduction under s.35(2AB) does not prevent the assessee from claiming normal deduction for R&D expenditure under s.35(1)(i) and s.35(1)(iv). The Tribunal directed the AO to allow normal deduction for capital R&D expenditure under s.35(1)(iv) and delete the corresponding disallowance. Regarding s.80IC deduction for the Pantnagar plant, the ITAT held that profits reported in stand-alone audited financials were based on sound accounting principles, rejecting the AO's allegation of artificial profit creation. The Tribunal confirmed additional depreciation under s.32(1)(iia) for pollution control and energy-saving equipment as these qualified as "plant & machinery." Finally, following Sobha Developers Ltd., the ITAT held that s.14A disallowances cannot be added to book profit under s.115JB.
The ITAT ruled that denial of weighted deduction under s.35(2AB) does not prevent the assessee from claiming normal deduction for R&D expenditure under s.35(1)(i) and s.35(1)(iv). The Tribunal directed the AO to allow normal deduction for capital R&D expenditure under s.35(1)(iv) and delete the corresponding disallowance. Regarding s.80IC deduction for the Pantnagar plant, the ITAT held that profits reported in stand-alone audited financials were based on sound accounting principles, rejecting the AO's allegation of artificial profit creation. The Tribunal confirmed additional depreciation under s.32(1)(iia) for pollution control and energy-saving equipment as these qualified as "plant & machinery." Finally, following Sobha Developers Ltd., the ITAT held that s.14A disallowances cannot be added to book profit under s.115JB.
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