Expenditure incurred by Asian Paints on research and Development Eligible for Deduction u/s 35 (2AB) of Income Tax Act: ITAT [Read Order]
The expenditure in question, which was incurred by the assessee on research and development, was eligible for deduction under Section 35(2AB) of the Income Tax Act.
The two member bench of the Income Tax Appellate Tribunal ( ITAT ) Mumbai has ruled that expenditure incurred by Asian Paints on research and development was eligible for deduction under Section 35 ( 2AB ) of the Income Tax Act, 1961. During the assessment proceedings, it was observed that Asian Paints Ltd has claimed…
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