ITAT allows Weighted Deduction u/s 35(2AB) to Americhem Polymers

Americhem Polymers India Pvt Ltd Vs ACIT (ITAT Pune) ITAT note that the deduction claimed u/s. 35(2AB) of the Act was denied for non-submission of copy of report of the competent authority i.e. DSIR in the prescribed form i.e. Form 3CL vide para 3 of the assessment order. The CIT(A) confirmed the order of AO. We note that prior to amendment to Clause (b) of Rule 6(7A) w.e.f. 01-07-2016, the position was that the prescribed authority shall submits its report in relation to the approval of in-house Research and Development facility in Form 3CL to the Director General (Income Tax Exemptions) with...