DSIR Approval Binding: ITAT Allows Section 35(2AB) Deduction for R&D Expenses

Advertisement Matrix Clothing Pvt. Ltd. Vs ACIT (ITAT Delhi) In a batch of cross appeals involving assessment years 2016-17, 2018-19 and 2019-20, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) adjudicated disputes concerning reopening of assessment, disallowance of manufacturing expenses, Research and Development (R&D) expenditure, and deduction claimed under Section 35(2AB) of the Income Tax Act. For AY 2016-17, the assessee challenged the reopening of assessment and the disallowance of deduction under Section 35(2AB), while the Revenue challenged the deletion of additions...