DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-8(1), MUMBAI

ITA 2558/MUM/2023Status: DisposedITAT Mumbai28 November 2023AY 2014-201523 pages
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What did the Tribunal hold?

The Tribunal restored the issue of deduction under section 35(2AB) and set-off of brought forward losses to the AO for fresh examination. The penalty proceedings were dismissed as premature, and interest under section 234B was dismissed as infructuous.

What were the facts?

The assessee claimed weighted deduction under section 35(2AB) for R&D expenditure. The Assessing Officer (AO) and CIT(A) allowed a partial deduction, disallowing a portion of the claimed expenditure. The assessee also raised issues regarding set-off of brought forward losses and initiation of penalty proceedings.

What were the issues?

The primary issues were the extent of weighted deduction allowable under section 35(2AB) for R&D expenditure and the allowability of set-off of brought forward losses.

Which sections of the Income-tax Act were involved?

Section 35(2AB),Section 72,Section 271(1)(c),Section 234A,Section 234B

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Income Tax Appellate Tribunal, MUMBAI BENCH “D” MUMBAI

Before: SHRI OM PRAKASH KANT & SHRI RAHUL CHAUDHARY

For Appellant: Mr. H.P. Mahajani
For Respondent: DR :
Hearing: 16/11/2023Pronounced: 28/11/2023

PER OM PRAKASH KANT, AM

These appeals by the assessee are directed against a common order dated 09.06.2023 passed by the Ld. Commissioner of Income- tax (Appeals)-50, Mumbai [in short ‘the Ld. CIT(A)’] for assessment years 2014-15 to 2018-19. A common issue-in-dispute involved in these appeals, therefore same were heard together and disposed off by way of this consolidated order for convenience and avoid repetition of facts.

Deepak Novochem 2

2.

The parties agreed The parties agreed for taking appeal for assessment year 2014

The order continues below.

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