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2015 (8) TMI 422 - KARNATAKA HIGH COURT

2015 (8) TMI 422 - KARNATAKA HIGH COURT - [2015] 375 ITR 306 (Kar) - Weighted deduction under section 35(2AB) - expenditure incurred in respect of research and development - Held that:- The assessee has to develop facility by incurring expenditure for scientific research and he will have to file application before the prescribed authority, who after following the proper procedure, will allow the application or otherwise and the assessee would be entitled for weighted deduction in respect of all .....

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g Officer is accepted, it creates absurdity in the provision inasmuch as the words which are not provided in the statute are to be read into, which is against the settled proposition of law with regard to plain and simple meaning of the provision. The plain and homogenous reading of the provisions would suggest that the entire expenditure incurred in respect of research and development has to be allowed for weighted deduction under section 35(2AB) of the Act.

Even on facts, it has bee .....

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2015 - MOHAN M. SHANTANAGOUDAR AND ARAVIND KUMAR, JJ. K. V. Aravind, Advocate for the appellant JUDGMENT Mohan M. Shantanagoudar J.- The assessee is engaged in the business of manufacture of enzymes and pharmaceutical ingredients. The matter pertains to the return of income for the assessment year 2003-04. The records reveal that during the relevant assessment year, the assessee has incurred certain expenditure on capital towards cost of machinery for a sum of ₹ 7,82,25,431. The Assessing .....

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f Income-tax (Appeals), Bangalore, as well as the Income-tax Appellate Tribunal disagreed with the said conclusion reached by the Assessing Officer and have held that the Assessing Officer is not justified in not allowing the weighted deduction under section 35(2AB) of the Act inasmuch as the words which are not provided in the statute are sought to be read into, by the Assessing Officer. 2. We do not find any ground to disagree with the conclusion reached by the Commissioner of Income-tax (Appe .....

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