2017 (8) TMI 933

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....nt Mr B S Soparkar, Advocate for the Opponent ORDER ( Per : Honourable Mr. Justice Akil Kureshi ) 1. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 22.12.2016 questioning the correctness of the view taken by the Tribunal. Considering the facts, we have heard learned counsel for the parties for final disposal of the tax appeal. 2. The respondent ....

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....ice to the assessee, he passed an order dated 28.3.2016 under section 263 of the Act and held that the order of assessment was passed without proper verifications, investigation and examination. The same was therefore, erroneous and prejudicial to the interest of the Revenue. He therefore, directed the Assessing Officer to examine the issues discussed in the order and pass a fresh order of assessm....

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....use research and development in Form 3CL to the Director General of Income Tax (Exemption) within 60 days of its granting approval. In the opinion of the Tribunal, same was merely in form of intimation to be sent by the prescribed authority to the department. In case of the assessee, the research and development activity having already been approved in Form 3CM, the assessee thereafter, had no fur....

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....he Commissioner was not, in observing that in absence of such certification, claim of deduction under section 35(2AB) was not allowable. However, neither the prescribed authority nor the Assessing Officer has applied the mind as to the expenditure, be it revenue or or capital in nature, actually incurred in developing the inhouse research and development facility. To the limited extent, the Commis....