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2016 (4) TMI 747 - AT - Income TaxMAT - computation of income under section 115JB - Held that:- Respectfully following the decision of the Tribunal in the case of ITO v. Vintage Distillers Ltd. (2010 (1) TMI 56 - ITAT DELHI-H ) as well as the decision of CIT v. Bhushan Steel Ltd. (2012 (8) TMI 1024 - DELHI HIGH COURT), we, set aside the order of the ld. CIT(A) and direct the Assessing Officer to exclude the fringe benefit tax for arriving the net profit for the purpose of computation of income under section 115JB of the Act. - Decided in favour of assessee Expenses claimed under section 35(2AB) - Held that:- With regard to claim of deduction under section 35(2AB) of the Act, it is mandatory to file relevant approval of the Secretary, DSIR to DGIT[E] in Form 3CL after assessment of the in-house R&D for claiming allowable expenditure of capital and revenue nature. The approval in Form 3CL is nothing to do with recognition awarded by the DSIR. The DSIR, by recognizes the in-house R&D based on the mandate of the company/institutions. The R&D activities carried out by the company/ institutions by incurring various expenditures are required to be assessed separately by the Secretary, DSIR, which is entirely different from the recognition given by the DSIR. Under these facts and circumstances, we are of the considered opinion that in the absence of filing approval in Form 3CL by the assessee, the Assessing Officer is rightly disallowed the expenses claimed under section 35(2AB) of the Act. Once the assessee files the above approval in Form 3CL, irrespective of the date of approval, the Assessing Officer should allow the deduction under section 35(2AB) of the Act. - Decided against assessee
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