DSIR’s Partial Approval Cannot Restrict Pre-2016 R&D Deduction Claim: ITAT Chennai

DCIT Vs Rane Brake Lining Ltd. (ITAT Chennai) ITAT Allows Full Section 35(2AB) Deduction Because DSIR Approval Applies to Facility, Not Expense Quantification; ITAT Rejects Revenue Challenge to Weighted R&D Deduction Due to Approved In-House Facility; MTM Forex Loss Held Allowable as Business Expenditure: ITAT Dismisses Revenue Appeal; Foreign Exchange Fluctuation Losses Not Contingent in Nature. The Income Tax Appellate Tribunal (ITAT), Chennai Bench, dismissed the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2011-12 concerning weigh...