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TMI Blog2019 (11) TMI 639X X X X Extracts X X X X X X X X Extracts X X X X ..... under dispute, assessee filed its return of income on 30.11.2012, declaring total income of Rs. 55,27,08,010/- under normal provisions of the Act and book profit of Rs. 284,09,23,715/- u/s. 115JB of the Act. The assessment in case of assessee was completed u/s. 143(3) r.w.s. 144C(3) of the Act vide order dated 22.03.2016, determining total income under the normal provisions of the Act at Rs. 124,62,26,341/- and book profit of Rs. 303,96,67,508/- u/s. 115JB of the Act. Since the tax computed on the total income under the normal provisions was less than tax on the book profit computed u/s. 115JB of the Act, the Assessing Officer ultimately, assessed the total income u/s. 115JB of the Act. Against the assessment order so passed, assessee pref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 263 of the Act directing the assessee to show cause as to why the assessment order passed should not be held as erroneous and prejudicial to the interest of the Revenue, hence, to be revised. 3. In response to the said show cause notice, assessee filed detailed submissions on 28.02.2018, objecting to the proposed action of learned CIT for setting aside the assessment order. It was submitted by the assessee that the weighted deduction claimed u/s. 35(2AB) of the Act is in terms with the statutory provisions and after fully complying with all the conditions mentioned therein. Further, it was submitted, in the course of assessment proceedings, the Assessing Officer had made detailed enquiry with regard to assessee's claim of weighted deducti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n claimed u/s. 35(2AB) of the Act. He submitted, the Assessing Officer having made necessary enquiries and applied his mind to the material placed before him as well as relevant statutory provisions has allowed assessee's claim of deduction. He submitted, as per section 35(2AB) of the Act, deduction has to be allowed on the basis of expenditure incurred for Research & Development. He submitted, the expenditure incurred by assessee in Research & Development in its in-house Research & Development facilities has been certified by competent authorities and all conditions of section 35(2AB) have been fulfilled. He submitted, considering the fact that it has carried out Research & Development work on behalf of its AE on contractual basis, assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . On perusal of material placed on record, it is noticed that not only in the return of income but in course of assessment proceedings also assessee had furnished all necessary and relevant information/documents to justify its claim of deduction u/s. 35(2AB) of the Act. It is also noticed, during the assessment proceedings, the Assessing Officer had enquired into the issue and, thereafter, has allowed assessee's claim of deduction u/s. 35(2AB) of the Act. In fact, neither in the show cause notice nor in the impugned order passed u/s. 263 of the Act learned CIT has made any allegation regarding non-enquiry or even lack of enquiry by the Assessing Officer on the issue. The limited point of dispute raised by learned CIT, is instead of reducing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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