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TMI Blog2018 (4) TMI 1686X X X X Extracts X X X X X X X X Extracts X X X X ..... V WITH MR B S SOPARKAR (6851) ORDER 1. Tax Appeal is admitted for consideration of following substantial questions of law: "1. Whether on the facts and circumstances of the case and in law, the ITAT was justified in setting aside the finding of the CIT (A) and directing the AO to delete disallowance of weighted deduction u/s.35(2AB) on account of repairs of buildings and payments of municipal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... weighted deduction of Rs. 7,91,222/- u/s. 35(2AB) of the Act to the assessee on account of expenses incurred for lunch, refreshment and brokerage paid for property used by R & D unit employees after treating the same was expenses incurred for R & D activity covered u/s. 35(2AB) of the Act? C. Whether on the facts and circumstances of the case and in law, the ITAT was right in law in directing AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overed under section 35(2AB), we have combined it with the first question which we have admitted. The remaining portion of sole question pertains to the expenditure incurred by the assessee on lunch, refreshment etc of the visiting scientists and other guests at the R & D facilities. CIT (Appeals) and the Tribunal have come to a facutal finding that it had a direct relation to the assessee's R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment in capital market or acquiring another company in India. FCCB is also not permitted for working capital, general corporate purpose and repayment of existing loans. The assessee also submitted the copies of documents establishing that the FCCB funds have been utilized for the purpose for which they were raised i.e. capital expansion in case of the assessee. The CIT (Appeals) therefore observed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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