No Penalty for Section 35(2AB) Disallowance if ITR filed before receipt of DSIR Certificate

Tractors and Farm Equipment Limited Vs ACIT (ITAT Chennai) The case of Tractors and Farm Equipment Limited Vs ACIT centers on the imposition of a penalty under section 271(1)(c) of the Income Tax Act for alleged inaccuracies in the reported income. The Tribunal examined the appeal stemming from an earlier assessment by the Assistant Commissioner of Income Tax (ACIT) for the assessment year 2016-17. The primary issue arose from the disallowance of certain claims under section 35(2AB), which relates to weighted deductions for research and development expenditures. During the scrutiny assessment,...