Court Rules on Section 35(2AB) Tax Deductions: Facility Recognition and Agreement Required Before Assessing Officer's Verification &D.

Disallowance of weighted deduction u/s 35(2AB) - Courts have held that for deduction under section 35(2AB) of the Act, first step was the recognition of facility by the prescribed authority and entering an agreement between the facility and the prescribed authority. Once such an agreement has been executed, under which recognition has been given to the facility, then thereafter the role of Assessing Officer is to look into and allow the expenditure incurred on in-house R&D facility as weighted deduction under section 35(2AB) - AT .....

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