SUNDARAM FASTENERS LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 6(2), CHENNAI

ITA 3236/CHNY/2017Status: DisposedITAT Chennai26 July 2024AY 2013-14Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI AMITABH SHUKLA (Accountant Member)32 pages
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What did the Tribunal hold?

The Tribunal remitted the issue of Section 35(2AB) deduction to the AO for re-examination based on earlier Tribunal directions. The additional ground regarding Section 10AA deduction was admitted and remitted to the AO for de novo adjudication.

What were the facts?

The assessee claimed deduction under Section 35(2AB) for R&D expenditure. The AO disallowed a portion of the claim based on the eligible recurring expenditure as per DSIR. The assessee also claimed deduction under Section 10AA for an SEZ unit, which was not raised before the AO.

What were the issues?

Whether the deduction under Section 35(2AB) was correctly calculated, and if an additional ground for Section 10AA deduction can be considered at the appellate stage.

Which sections of the Income-tax Act were involved?

Section 35(2AB),Section 10AA

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Income Tax Appellate Tribunal, ‘D’ BENCH: CHENNAI

Before: SHRI ABY T. VARKEY & SHRI AMITABH SHUKLA

Hearing: 12.06.2024Pronounced: 26.07.2024

PER ABY T. VARKEY, JM: This is an appeal preferred by the assessee against the impugned order of the Assessing Officer (hereinafter in short ‘the AO’) dated 30.10.2017, pursuant to the direction of the Dispute Resolution Panel (hereinafter in short ‘the DRP’) dated 21.09.2017 and pertains to Assessment Year (hereinafter in short ‘AY’) 2013-14. M/s.Sundram Fasteners Ltd.

2.

Ground Nos.2 to 2.1.2 relates to the issue of

The order continues below.

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