ITAT Deletes Section 35(2AB) Disallowance as AO Cannot Override DSIR Approval

MRF Limited Vs DCIT (ITAT Chennai) In , the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) decided appeals relating to Assessment Years (AYs) 2015-16 and 2016-17 arising from reassessment orders passed under Sections 147 and 144C(13) of the Income Tax Act. The assessee, a Chennai-based tyre manufacturer, challenged several additions and transfer pricing adjustments made by the Assessing Officer (AO), Transfer Pricing Officer (TPO), and confirmed by the Dispute Resolution Panel (DRP). The issues primarily concerned disallowance of deduction under Section 35(2AB), transfer pricing adj...