DEPUTY COMMISSIONER OF INCOME TAX, CHENNAI vs. ASHOK LEYLAND LIMITED, CHENNAI

ITA 484/CHNY/2024Status: DisposedITAT Chennai25 September 2024AY 2011-12Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI S.R.RAGHUNATHA (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal allowed weighted deduction on R&D expenditure, following its own prior decision. It also accepted the alternate submission for allowing forex loss deduction in the year it is charged to P&L. The Tribunal upheld the CIT(A)'s decision regarding non-deduction of TDS on foreign payments based on DTAA provisions.

What were the facts?

The assessee claimed weighted deduction on R&D expenditure and deduction for forex loss on hedge reserve. The Revenue appealed against the disallowance of TDS on certain foreign payments.

What were the issues?

Whether weighted deduction on R&D expenditure is allowable without specific DSIR approval of expenditure and if forex loss on hedge reserve is deductible. Also, whether TDS was required on foreign payments for services covered under DTAA.

Which sections of the Income-tax Act were involved?

Section 35(2AB),Section 37,Section 40(a)(i),Section 195

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Income Tax Appellate Tribunal, ‘A’ BENCH: CHENNAI

Before: SHRI ABY T. VARKEY & SHRI S.R.RAGHUNATHA

For Appellant: Mr. Vikram Vijayaraghavan
Hearing: 05.08.2024Pronounced: 25.09.2024

Heard together (2 matters)

ITA No.362/Chny/2024
ITA No.484/Chny/2024

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

PER ABY T. VARKEY, JM: These are cross appeals preferred by the assessee as well as the Revenue against the order of the Learned Commissioner of Income Tax M/s. Ashok Leyland L

The order continues below.

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