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2014 (2) TMI 986 - AT - Income TaxDenial of deduction u/s 80IB(8A) of the Act - Profits derived from Medicinal Chemistry and Clinical Pharmacology Division – Held that:- The decision in GVK Biosciences Pvt. Ltd., Versus Addl. CIT [2014 (2) TMI 597 - ITAT HYDERABAD] followed - The prescribed authority under the Act, having approved the assessee as a research and development company, assessee is eligible for deduction under S.80IB(8A) and also renewed such approval from year to year, the learned CIT(A) cannot override the approval/renewal granted by the prescribed authority and deny the benefit to the assessee - deduction u/s 80IB cannot be denied to the assessee, till such time, the assessee is approved as a Research and Development Organisation - the assessee is entitled to deduction under S.80IB of the Act – Decided in favour of Assessee.
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