Document Fragment View

Matching Fragments

This appeal by the revenue is preferred against the order dated 22/07/2024 passed by NFAC, Delhi [hereinafter 'ld. CIT(A)'] pertaining to AY 2014-15.

2. The solitary grievance of the revenue is that the ld. CIT(A) erred in not appreciating the fact that DSIR has not approved the expenditure amounting to Rs. 4,68,63,285/- on account of hire charges, stipend to apprentice, consultancy fees & guest house expenses, weighted deduction u/s 35(2AB) of the Act.

3. Briefly stating the facts of the case are that the assessee is a listed company engaged in the business of manufacturing and sale of pharmaceutical products, namely, formulation and bulk drugs and carrying on research and development for its own business etc. The return I.T.A. No. 4325/Mum/2024 of income was filed electronically on 27/11/2014 declaring income of Rs.22,79,79,20,430/- as per normal provisions of the Act and book profit of Rs.31,64,54,07,912/- as per the provisions of Section 115JB of the Act. 3.1. The return of income was selected for scrutiny assessment and accordingly statutory notices were issued and served upon the assessee and subsequently, assessment u/s 143(3) of the Act was framed on 28/12/2016 assessing total income at Rs.24,55,90,49,100/- under the normal provisions of the Act and book profit of Rs.31,66,06,07,540/- u/s 115JB of the Act. The ld. AO while computing income under the normal provisions of the Act made following additions:-