2013 (2) TMI 843 - HC - Income Tax

Summary

Issues involved:
The judgment involves the following issues:
(A) Depreciation on royalty paid by the Assessee Company
(B) Deduction u/s.35(1)(iv) on capital expenditure for construction
(C) Deduction u/s.35(2AB) on expenditure for development of new products

Issue A - Depreciation on royalty paid:
The Court noted that the issue of allowing depreciation on royalty paid by the Assessee Company was already decided in favor of the Assessee in a previous case. Therefore, the Court declined to entertain this question.

Issue B - Deduction on capital expenditure for construction:
The Counsel mentioned that this issue was previously raised in a different case, and the Court had refused to entertain it. Following the precedent, the Court decided not to entertain this question as well.

Issue C - Deduction on expenditure for development of new products:
The Court admitted the appeal on the issue of allowing a deduction u/s.35(2AB) on expenditure incurred by the Assessee Company towards the development of new products for Glenmark Pharmaceuticals Inc. USA. This issue was considered for further examination and decision by the Court.