https://www.taxtmi.com/caselaws?id=253452 The Tribunal upheld the Ld. CIT(A)'s decision, allowing the company's claimed deduction under section 35(1)(iv) for expenditure disallowed by the Assessing Officer. The Tribunal found the company genuinely engaged in research and development activities, holding patents and conducting in-house scientific research since 1995. Despite undertaking contract research for third parties, the company's eligibility for the deduction was affirmed, emphasizing the expenditure's relevance to the business. The Tribunal criticized the Revenue's appeal, highlighting the Assessing Officer's oversight in evaluating evidence and confirming the legitimacy of the company's research activities. en-us Wed, 12 Nov 2014 00:00:00 +0530 Tue, 25 Nov 2014 07:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253452 The Tribunal upheld the Ld. CIT(A)'s decision, allowing the company's claimed deduction under section 35(1)(iv) for expenditure disallowed by the Assessing Officer. The Tribunal found the company genuinely engaged in research and development activities, holding patents and conducting in-house scientific research since 1995. Despite undertaking contract research for third parties, the company's eligibility for the deduction was affirmed, emphasizing the expenditure's relevance to the business. The Tribunal criticized the Revenue's appeal, highlighting the Assessing Officer's oversight in evaluating evidence and confirming the legitimacy of the company's research activities. Case-Laws Income Tax Wed, 12 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253452