https://www.taxtmi.com/caselaws?id=433113 The Tribunal found that the assessee did not have the requisite approval under Section 35(2AB) for the relevant period, leading to the denial of the weighted deduction. The CIT(A)'s decision to grant the deduction based on recognition alone was overturned, emphasizing the necessity of specific approval under Section 35(2AB). The Tribunal applied a strict construction approach to exemption provisions and ruled in favor of the Revenue, setting aside the CIT(A)'s order and restoring the Assessing Officer's decision to deny the deduction. The Tribunal's decision was upheld for multiple assessment years, resulting in all appeals filed by the Revenue being allowed. en-us Thu, 19 Jan 2023 00:00:00 +0530 Sat, 21 Jan 2023 08:51:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433113 The Tribunal found that the assessee did not have the requisite approval under Section 35(2AB) for the relevant period, leading to the denial of the weighted deduction. The CIT(A)'s decision to grant the deduction based on recognition alone was overturned, emphasizing the necessity of specific approval under Section 35(2AB). The Tribunal applied a strict construction approach to exemption provisions and ruled in favor of the Revenue, setting aside the CIT(A)'s order and restoring the Assessing Officer's decision to deny the deduction. The Tribunal's decision was upheld for multiple assessment years, resulting in all appeals filed by the Revenue being allowed. Case-Laws Income Tax Thu, 19 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433113