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)

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