Competent Authority Approval in Form No. 3CM requires for claiming Deduction on R & D Expenditure u/s 35(2AB) of Income Tax Act: ITAT [Read Order]
Approval in Form No. 3 CM from the competent authority regarding the R&D facility expenditure, a requirement under Section 35(2AB) of the Income Tax Act
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that in order to claim deduction on Research and Development ( R&D ) expenditure under Section 35(2AB) of the Income Tax Act, approval of the competent authority in Form No. 3 CM is required. Thus, the case of the Piramal Enterprises…
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