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TMI Blog2010 (4) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... m Chandigarh Unit and Rs. 83,99,177/- from Baddi Unit, had been deferred as R&D expenditure in the computation chart. – ITAT allowed the expenditure – Held that: - apart from the findings of fact recorded by the CIT(A) and the Tribunal, the genuineness of the expenditure has not been doubted. It has also been found that the assessee respondent has been following mercantile system of accounting and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 2005-06at Rs. 47,05,545/- in its return filed on 31.10.2005, which was processed as such. During the scrutiny proceedings, the Assessing Officer noticed that the expenditure amounting to Rs. 1,60,21,364/- from Chandigarh Unit and Rs. 83,99,177/- from Baddi Unit, had been deferred as R D expenditure in the computation chart. The assessee-respondent claimed that their R D Department is duly recog ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT(A) holding that the expenditure was made for the purposes of its business. The Tribunal has relied upon four judgments of various High Court, namely, CIT v. Keen Pesticides (P) Ltd., 97 Taxman 306 (Kar); CIT v. Yamuna Digital Electronics (P) Ltd., 238 ITR 717 (A.P.); CIT v. Sunderam Fastners Ltd., 233 ITR 455 (Mad.); and Tube Investment of India Ltd. v. CIT, 125 Taxman 421 (Mad.). The genu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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