BOTIL OIL TOOLS (I) PVT. LTD.,NEW DELHI vs. PR. CIT- 2, NEW DELHI

PDF · subscribers
ITA 2458/DEL/2017Status: DisposedITAT Delhi08 March 2021AY 2012-138 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the issue to the file of the Pr. CIT for fresh adjudication. This was done to allow the Pr. CIT to verify the conditions for claiming the weighted deduction under Section 35(2AB) and to provide the assessee with a due opportunity of being heard.

What were the facts?

The assessee claimed a deduction under Section 35(2AB) for R&D expenditure. The Assessing Officer allowed this deduction without sufficient verification, particularly regarding mandatory forms like 3CM and 3CL, and the treatment of sold assets. The Principal CIT (Pr. CIT) found the assessment order erroneous and prejudicial to revenue.

What were the issues?

Whether the deduction claimed under Section 35(2AB) was erroneously allowed by the Assessing Officer due to lack of proper verification of mandatory conditions and forms. Whether the Pr. CIT was justified in invoking Section 263 to revise the assessment order.

Which sections of the Income-tax Act were involved?

Section 35(2AB),Section 143(3),Section 263

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH, ‘A’: NEW DELHI

Before: SHRI R.K. PANDA & Ms. SUCHITRA KAMBLE

Hearing: 08.03.2021Pronounced: 08.03.2021

per fact and law after giving due opportunity of being heard to the assessee.

1.

We hold and direct accordingly. The grounds raised by the assessee, are accordingly, allowed for statistical purposes.

12.

In the result, the appeal filed by the assessee is allowed for statistical purposes.

Oder pronounced in the open court at the time of hearing itself i.e. on 08/03/2021.

More judgments on Section 35(2AB)

All 842 judgments and leading authorities on Section 35(2AB) →

Recent GST High Court judgments

Search GST case law →