Deduction u/s 35(2AB) can’t denied, merely because of no approval of expenditure

Advance Enzyme Technologies Ltd. Vs ACIT (ITAT Mumbai) The issue under consideration is whether the A.O. is correct in disallowing the deduction u/s 35 (2AB) to the assessee? The assessee is engaged in the business of manufacturing enzymes (biotechnology products). The company has set up in house Research & Development (R & D) labs, in Thane and Sinnar for R& D activity, which is also, integrated part of business activities of the assessee. The A.O has denied deduction claimed u/s 35(2AB) of the Act, on the ground that, R&D facility has not been approved from the competent auth...