DY CIT CIRCLE 3(4), MUMBAI, MUMBAI vs. ASIAN PAINTS, MUMBAI

ITA 2936/MUM/2023Status: DisposedITAT Mumbai26 July 2024AY 2016-1783 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the AO cannot arbitrarily reduce the expenditure eligible for deduction under Section 35(2AB) if it has been quantified by the prescribed authority (DSIR). The Tribunal relied on its own previous decisions in similar cases.

What were the facts?

The assessee, Asian Paints Limited, claimed weighted deduction under Section 35(2AB) for scientific research and development expenditure. The Assessing Officer (AO) disallowed a portion of this claim based on the quantification by the prescribed authority (DSIR), which was upheld by the CIT(A).

What were the issues?

Whether the Assessing Officer has the power to re-quantify scientific research expenditure already quantified by the prescribed authority (DSIR) for the purpose of weighted deduction under Section 35(2AB).

Which sections of the Income-tax Act were involved?

Section 35(2AB)

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Cases cited in this judgment(1)Show list

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Heard together (6 matters)

ITA No.2700/Mum/2023
ITA No.2697/Mum/2023
ITA No.2696/Mum/2023
ITA No.2936/Mum/2023
ITA No.3063/Mum/2023
ITA No.3083/Mum/2023

Read from the judgment's own cause title. This page is filed under one of them.

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SMT RENU JAUHRI, ACCOUNTANT MEMBER ITA No.2700/Mum/2023 (Assessment Year :2016-17) ITA No.2697/Mum/2023 (Assessment Year :2017-18) & ITA No.2696/Mum/2023 (Assessment Year :2018-19) M/s. Asian Paints Limited Vs. Dy. Commissioner of Asian Paints House 6A, Shanti Nagar Vakola Pipeline Lane Santacruz (East) S.O. Mumbai-400 055 Maharashtra (Appellant)

Income Tax, LTU Circle 2, World Trade Centre 1 Cuffee Parade Mumbai-400 005 PAN/GIR No.AAACA3622K (Respondent) ITA No.3063/Mum/2023 (Assessment Year :2017-18) & Dy. Commissioner of Vs. M/s. Asian Paints Limited Income Tax, LTU Asian Paints House Circle 2, 6A, Shanti Nagar World Trade Centre 1 Vakola Pipeline Lane Cuffee Parade Santacruz (East)

Mumbai-400 005 Maharashtra S.O. Mumbai-400 055 Maharashtra (Appellant) PAN/GIR No.AAACA3622K (Respondent) M/s. Asian Paints Assessee by Shri Madhur Agrawal & Shri Ronak Doshi Revenue by Shri Ajay Chandra Date of Hearing 21/05/2024 Date of Pronouncement 26/07/2024 आदेश / O R D

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