Section 154 Rectification Valid as DSIR Form 3CL Determined Eligible R&D Deduction

Ultramarine & Pigments Ltd. Vs ACIT (ITAT Mumbai) In Ultramarine & Pigments Ltd. Vs ACIT, the ITAT Mumbai considered an appeal arising from rectification proceedings under Section 154 relating to deduction claimed under Section 35(2AB) of the Income Tax Act for AY 2018-19. The assessee, engaged in manufacture of chemical products and power generation through windmills, had claimed weighted deduction of Rs. 1.94 crore under Section 35(2AB) in respect of expenditure incurred on its in-house scientific research and development facility. During scrutiny assessment, the assessee furnished d...