https://www.taxtmi.com/caselaws?id=401880 The High Court ruled in favor of the assessee, determining that expenses towards research and development were revenue in nature and should have been allowed as a deduction under Section 37 of the Income Tax Act. The disallowance made under Section 14A of the Act was found unjustified due to the Assessing Officer's failure to record satisfaction. Additionally, the Court allowed the deduction under Section 35(1)(iv) without revising the return of income, disagreeing with the revenue's argument. The Tribunal's orders regarding the disallowances were quashed, and the appeals were disposed of in favor of the assessee. en-us Wed, 09 Dec 2020 00:00:00 +0530 Fri, 18 Dec 2020 16:36:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401880 The High Court ruled in favor of the assessee, determining that expenses towards research and development were revenue in nature and should have been allowed as a deduction under Section 37 of the Income Tax Act. The disallowance made under Section 14A of the Act was found unjustified due to the Assessing Officer's failure to record satisfaction. Additionally, the Court allowed the deduction under Section 35(1)(iv) without revising the return of income, disagreeing with the revenue's argument. The Tribunal's orders regarding the disallowances were quashed, and the appeals were disposed of in favor of the assessee. Case-Laws Income Tax Wed, 09 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401880