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Weighted deduction u/s. 35(2AB) allowed as amount from DSIR qualifies as soft loan: ITAT Vishakhapatnam
Case Law Details
- Case Name
- Arrdy Engineering Innovations (P.) Ltd. Vs ACIT (ITAT Visakhapatnam)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13 & 2013-14
- Courts
- All ITAT, ITAT Visakhapatnam
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Arrdy Engineering Innovations (P.) Ltd. Vs ACIT (ITAT Visakhapatnam)
ITAT Vishakhapatnam allowed weighted deduction under section 35(2AB) of the Income Tax Act since amount received from Department of Scientific & Industrial Research [DSIR] is soft loan and hence cannot be considered as grant-in-aid.
Facts- On verification of records, it was found that the assessee-company had entered into an agreement with Department of Scientific & Industrial Research for R&D of a particular project, whereas assessee has claimed to have spent Rs.1,72,85,369/- and claimed weighted deduction of Rs....
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