S. 35(2AB): AO bound to grant deduction if R&D facility is approved by competent authority

Provisions of section 35(2AB) of the Act, with relevant rules makes it mandatory for the assessee company to file its application for approval of its in house R&D before the Secretary, DSIR, Government of India. The applicant company should also submit an undertaking as per para-C of form no.3CK to maintain separate accounts for each R&D centre approved u/s 35(2AB) of the Act by the prescribed authority and to get accounts duly audited every year by an auditor as defined in sub section(2) of section 288 of the Act. The company should enter into an agreement with the prescribed authorit...