2015 (8) TMI 422

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..... in the business of manufacture of enzymes and pharmaceutical ingredients. The matter pertains to the return of income for the assessment year 2003-04. The records reveal that during the relevant assessment year, the assessee has incurred certain expenditure on capital towards cost of machinery for a sum of Rs. 7,82,25,431. The Assessing Officer noticed that the said amount included a sum of Rs. 2 .....

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..... ssessing Officer. 2. We do not find any ground to disagree with the conclusion reached by the Commissioner of Income-tax (Appeals) and the Appellate Tribunal. What section 35(2AB) of the Act speaks of is (a) development of facilities ; (b) incurring of expenditure by the assessee for development of such facilities ; (c) approval of facility by the prescribed authority, which is DSIR ; and (d) all .....

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..... s that the assessee must have incurred expenditure in this behalf. The Appellate Tribunal has rightly concluded that in case if the interpretation of the Assessing Officer is accepted, it creates absurdity in the provision inasmuch as the words which are not provided in the statute are to be read into, which is against the settled proposition of law with regard to plain and simple meaning of the p .....

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