DY. COMMISSIONER OF INCOME TAX, CENTRAL CICLE-3(3), MUMBAI, MUMBAI vs. BOMBAY MINERALS LIMITED, GUJARAT

ITA 5409/MUM/2025Status: DisposedITAT Mumbai12 March 2026AY 2016-17Bench: SHRI OM PRAKASH KANT (Accountant Member), MS. KAVITHA RAJAGOPAL ( (Judicial Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal partly allowed the assessee's appeal for AY 2016-17, allowing deduction for scientific research expenditure under Section 37(1) but not the weighted deduction. The Revenue's appeal for AY 2016-17 was dismissed. The assessee's appeal for AY 2018-19 was dismissed.

What were the facts?

The assessee, Bombay Minerals Ltd., appealed against additions made under Section 14A and the Revenue appealed against deletions made by the CIT(A) regarding notional interest and scientific research expenditure. The appeals for AY 2016-17 and 2018-19 were heard together.

What were the issues?

The key issues were the allowability of expenditure on scientific research reports and the disallowance of notional interest on investments made from interest-free funds.

Which sections of the Income-tax Act were involved?

Section 14A,Section 36(1)(iii),Section 35(1)(i),Section 35(2AB),Section 37(1)

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Income Tax Appellate Tribunal, MUMBAI BENCH “B” MUMBAI

Before: SHRI OM PRAKASH KANT & MS. KAVITHA RAJAGOPAL

For Appellant: Mr. Gaurang R. Sanghavi (Virtually appeared), Mr. Vijaykumar Soni, CIT-DR &
For Respondent: Mr. Swapnil Choudhari, Sr. DR
Pronounced: 12/03/2026

PER OM PRAKASH KANT, AM PER OM PRAKASH KANT, AM

The captioned appeal appeals by the assessee and the Revenue are by the assessee and the Revenue are directed against separate order directed against separate orders, passed by t

The order continues below.

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