Departmental Authorities cannot Disallow Deduction u/s 35(2AB) of IT Act by ignoring Form 3CL issued by Competent Authority: ITAT [Read Order]

By Aparna. M - On June 4, 2023 6:00 am - 2 mins read
Departmental Authorities - Deduction - IT act - Form 3CL issued by Competent Authority - ITAT - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the departmental authorities cannot disallow deduction under section 35(2AB) of the Income Tax Act, 1961 by ignoring Form 3CL issued by the competent authority. Section 35(2AB) of the Income Tax Act deals with deductions related to expenditure incurred by the assessee for research and development approved…

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