https://www.taxtmi.com/caselaws?id=449116 ITAT Delhi dismissed Revenue's appeal in two matters. First, regarding weighted deduction u/s 35(2AB), assessee furnished Form 3CL from DSIR during appellate proceedings. CIT(A) allowed weighted deduction for approved expenditure and permitted remaining R&D expenses as revenue expenditure u/s 37. ITAT upheld this decision. Second, concerning addition u/s 68 for unsecured loan, CIT(A) deleted the addition after examining loan creditor's financial capacity through bank statements, income tax returns, and overdraft facility confirmation. ITAT found creditor's identity, creditworthiness, and transaction genuineness established through documentary evidence, sustaining CIT(A)'s order deleting the addition. en-us Fri, 17 Nov 2023 00:00:00 +0530 Tue, 06 Feb 2024 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449116 ITAT Delhi dismissed Revenue's appeal in two matters. First, regarding weighted deduction u/s 35(2AB), assessee furnished Form 3CL from DSIR during appellate proceedings. CIT(A) allowed weighted deduction for approved expenditure and permitted remaining R&D expenses as revenue expenditure u/s 37. ITAT upheld this decision. Second, concerning addition u/s 68 for unsecured loan, CIT(A) deleted the addition after examining loan creditor's financial capacity through bank statements, income tax returns, and overdraft facility confirmation. ITAT found creditor's identity, creditworthiness, and transaction genuineness established through documentary evidence, sustaining CIT(A)'s order deleting the addition. Case-Laws Income Tax Fri, 17 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449116