Weighted deduction u/s. 35(2AB) not allowed as mandatory approval from PCCIT/PDGIT not obtained

Advertisement Matrix Clothing Pvt. Ltd. Vs ACIT (ITAT Delhi) ITAT Delhi held that approval from the PCCIT or PDGIT is mandatory, as provided u/s 35(2AB)(iv) of the Act. Since such mandatory approval of R&D facility from the PCCIT or PDGIT was not obtained by the assessee therefore, weighted deduction u/s 35(2AB) of the Act cannot be allowed. Facts- The assessee is a company engaged in the business of manufacturing and trading of garments, menswear, sportswear etc. besides having income from generation of power and energy through windmill. The case of the assessee was selected under CAS...