2022 (3) TMI 905

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....for reopening, according to Jurisdictional Assessing Officer (JAO), petitioner had claimed deduction under section 35(2AB) of the Act of Rs. 6,41,14,702/-. In Form 3 CL, DSIR in respect of R & D expenses had approved only an amount of Rs. 289.25 lakhs and revenue expenditure of Rs. 31,32,000/- was not allowed by the DSIR. Therefore, the claim of deduction of disallowed amount by DSIR of Rs. 31.32 lakhs was not allowable and has to be added back to income. According to JAO, the fact that this is not allowable has not been disclosed by the assessee in it's original Return of Income and therefore, assessee has failed to disclose fully and truly all the material facts. 3] Though, there is no afdavit-in-reply fled, with assistance of counsel ....

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....for weighted deduction of 200% u/s 35 (2AB) of the Act. In respect of revenue expenditure, the DSIR had approved only an amount of Rs. 176.83 Lacs eligible for weighted deduction of 200% u/s.35(2AB) of the Act. Therefore, as per the DSIR order, the revenue expenditure of Rs. 31.32 Lacs had not been considered for weighted deduction @ 200% as per section 35(2AB) of the Act. With respect to Rs. 31.32 Lacs, we wish to humbly and bonafdely state that based on the DSIR order, the assessee wishes to claim only @ 100% deduction of the said business expenditure under section 37(1)/section 35 of the Act and not 200% deduction as per section 35(2AB) of the Act. In this connection, the assessee company suo-moto offers the unapproved excess ex....