https://www.taxtmi.com/caselaws?id=203368 The Tribunal upheld the disallowance of weighted deduction claimed by the assessee on scientific research under section 35(2AB), stating that only expenditures on in-house R&D facilities are eligible. Regarding the disallowance of expenses related to exempt income under section 14A, the Tribunal set aside the CIT(A)'s decision and remanded the matter for re-examination in light of the Mumbai High Court's ruling that Rule 8D is not retrospective. The Tribunal also upheld the deletion of the estimated net profit addition, finding no justification for the Assessing Officer's approach. The final result was that the assessee's appeal was partly allowed, while the revenue's appeal was dismissed. en-us Fri, 19 Nov 2010 00:00:00 +0530 Fri, 24 Aug 2012 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203368 The Tribunal upheld the disallowance of weighted deduction claimed by the assessee on scientific research under section 35(2AB), stating that only expenditures on in-house R&D facilities are eligible. Regarding the disallowance of expenses related to exempt income under section 14A, the Tribunal set aside the CIT(A)'s decision and remanded the matter for re-examination in light of the Mumbai High Court's ruling that Rule 8D is not retrospective. The Tribunal also upheld the deletion of the estimated net profit addition, finding no justification for the Assessing Officer's approach. The final result was that the assessee's appeal was partly allowed, while the revenue's appeal was dismissed. Case-Laws Income Tax Fri, 19 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203368