DSIR Forms 3CM & 3CL Not Required for section 35(1)(i) Tax Deduction: ITAT Mumbai

FDC Limited Vs PCIT (ITAT Mumbai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) of Mumbai has quashed the revision order dated March 13, 2023, passed by the Principal Commissioner of Income Tax-1 (PCIT), Mumbai, against FDC Limited. The core issue revolves around whether the issuance of Form 3CM and Form 3CL by the Department of Scientific and Industrial Research (DSIR) is mandatory for allowing deductions under section 35(1)(i) of the Income Tax Act. The ruling is anticipated to have wide-ranging implications for companies claiming such deductions. Form 3CM and Form 3CL: A...