Tax Tribunal Allows Full R&D Deduction; Assessee Wins Dispute on In-House Research Expenses Without Weighted Deduction &D.

Tax Tribunal Allows Full R&D Deduction; Assessee Wins Dispute on In-House Research Expenses Without Weighted Deduction &D. https://www.taxtmi.com/highlights?id=75352 Disallowance of weighted deduction u/s. 35(2AB) - research and development (R&D) expenditure - The Income Tax Appellate Tribunal (ITAT) considered the arguments presented by both parties and examined the relevant documentation, including Form-3CM and Form-3CL, which certified the R&D expenditure incurred by the assessee. - The ITAT allowed the appeals filed by the assessee. It directed the Assessing Officer to allow the actual expenditure incurred for in-house R&D facilities, as certified by the Ministry of Science and Technology, without any weighted deduction. en-us Sat, 02 Mar 2024 10:48:32 +0530 Sat, 02 Mar 2024 10:48:32 +0530 TaxTMI RSS Generator Tax Tribunal Allows Full R&D Deduction; Assessee Wins Dispute on In-House Research Expenses Without Weighted Deduction &D. https://www.taxtmi.com/highlights?id=75352 Disallowance of weighted deduction u/s. 35(2AB) - research and development (R&D) expenditure - The Income Tax Appellate Tribunal (ITAT) considered the arguments presented by both parties and examined the relevant documentation, including Form-3CM and Form-3CL, which certified the R&D expenditure incurred by the assessee. - The ITAT allowed the appeals filed by the assessee. It directed the Assessing Officer to allow the actual expenditure incurred for in-house R&D facilities, as certified by the Ministry of Science and Technology, without any weighted deduction. Highlights Income Tax Sat, 02 Mar 2024 10:48:32 +0530 https://www.taxtmi.com/highlights?id=75352