Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2021 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 575 - HC - Income TaxWeighted deduction u/s 35(2AB) - denial of weighted deduction of 150% u/s 35(2AB) as assessee has not filed revised return claiming the weighted deduction for the subject Assessment Year, and that the agreement with the Department, which is a condition precedent, was entered into subsequent to the Financial Year during which the deduction is claimed - HELD THAT:- A few judgments are referred to for bringing home the argument that once recognition is granted, approval is not very essential and need not be considered for the reason that Section 35(2AB) is an additional incentive or deduction provided by the Act. The claim is dependent on fulfilling the requirements of the Section. This argument need not be considered for the reasons that the assessee, on the strength of a right in its favour or infirmity in the stipulation of period by DSIR, availed the writ remedy. The prayers of assessee were rejected. The result is that the conclusion recorded against the assessee by the judgment in [2010 (4) TMI 48 - DELHI HIGH COURT] bars the assessee from re-agitating the same issue in subject assessment proceedings. The request of the assessee was to give approval with effect from 01.04.2004. For available reasons, and now approved by the judgment in [2010 (4) TMI 48 - DELHI HIGH COURT] it has been granted with effect from 01.04.2007 to 31.03.2010. This conclusion is confirmed by the Delhi High Court. The effort of the assessee again is in respect of the very same Assessment Year for which a different conclusion is attempted to be invited from this Court. The argument for weighted depreciation is rightly rejected by all the authorities under the Act. - Decided against assessee.
|