Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Weighted deduction for scientific research expenditure was allowed on regular remuneration paid to the Chief Scientific Officer, as it was incurred for day-to-day research services, but the one-time performance bonus linked to patent licensing success was excluded as not directly related to research activity. ESOP expenditure disallowance was deleted by following the Tribunal's earlier orders in the assessee's own case. Weighted deduction under section 35(2AB) was confined to expenditure verified and certified by DSIR in Form 3CL, so the balance manpower and travel claim was not extended the deduction. For the alternative claim, deduction under section 37(1) was permitted subject to verification that the same amount had not already been claimed in the profit and loss account.
Weighted deduction for scientific research expenditure was allowed on regular remuneration paid to the Chief Scientific Officer, as it was incurred for day-to-day research services, but the one-time performance bonus linked to patent licensing success was excluded as not directly related to research activity. ESOP expenditure disallowance was deleted by following the Tribunal's earlier orders in the assessee's own case. Weighted deduction under section 35(2AB) was confined to expenditure verified and certified by DSIR in Form 3CL, so the balance manpower and travel claim was not extended the deduction. For the alternative claim, deduction under section 37(1) was permitted subject to verification that the same amount had not already been claimed in the profit and loss account.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
