Disallowance of section 35(2AB) deductions- Analysis of Deepak Novochem Technologies Ltd. vs ACIT (ITAT Mumbai)

Deepak Novochem Technologies Ltd. Vs ACIT (ITAT Mumbai) Introduction: The appeals by Deepak Novochem Technologies Ltd. against the order of the Ld. Commissioner of Income-tax (Appeals)-50, Mumbai, for assessment years 2014-15 to 2018-19, present a complex set of issues. The primary focus revolves around the disallowance of deductions under section 35(2AB) of the Income-tax Act, 1961, pertaining to in-house scientific research and development expenses. The case also touches upon alternative claims, disallowance of brought forward losses, initiation of penalty proceedings, and the levy of intere...