The assessee received funds from DSIR, repayable as royalty ...

Scientific Research Funds wrongly treated as Royalty, disallowing Deduction - ITAT restores Weighted Deduction.

Case Laws Income Tax

November 5, 2024

The assessee received funds from DSIR, repayable as royalty equaling 1.3 times the amount, which the AO treated as royalty disallowing weighted deduction u/s 35(2AB). ITAT held the funds received were soft loans based on identical tripartite agreement terms in earlier years confirmed by Ministry of Science and Technology, unsecured loan treatment in financial statements, and interest disclosure and TDS on repayment. ITAT allowed weighted deduction u/s 35(2AB), directing AO to delete the disallowance.

View Source

← Previous Next →

The assessee received funds from DSIR, repayable as royalty ...

Scientific Research Funds wrongly treated as Royalty, disallowing Deduction - ITAT restores Weighted Deduction.

Case Laws Income Tax

November 5, 2024

You may also like:

The ITAT upheld the disallowance of deduction u/s 35(1)(ii) for donations related to scientific research due to raised donations based on forged documents. The Trust...

Accrual of income in India - PE in India or not? - use or right to use brand name/trade mark - the receipts cannot be treated as royalty under Article 12(3)(a) of the...

Exemption u/s 10(21) - Scientific research association - the fact that the petitioner also received certain payments towards royalty, service charges, etc. would not in...

Disallowance of donation - Donation for scientific research u/s 35(1) - there is no evidence brought on record to show that the assessee has got back the donation money...

Scientific Research Expenditure - Approved Scientific Research Associations/Institutions - National Institute Of Ocean Technology, Chennai - Notification

Taxability - research projects - educational programs - The case involved disputes regarding the taxability of fees for a post-graduate program and externally funded...

Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

Concessional GST rate of 5% on scientific and technical equipments supplied to public funded research institutions. - Notification as amended

Concessional GST rate of 5% on scientific and technical equipments supplied to public funded research institutions. - Notification

TDS u/s 195 - Payment of Royalty or not - The assessee agreed for reimbursement of cost incurred by the GTRC for doing research activity as a part of joint research on...

Claim of deduction u/s. 35 - scientific research activities - very fact that expenditure was incurred in the form of salary and overheads only goes to suggest that there...

Deduction u/s 35(2AB) - Under Rule 6(7A), the Department of Scientific and Industrial Research is required to submit its report to the Income Tax Authorities in Form 3CL....

Exemption u/s 35(1) - Scientific research expenditure - the organization Council of Scientific & Industrial Research (CSIR), New Delhi. - Ntf. No. 53/2011 Dated:...

Classification of goods - scientific and technical instruments/ equipment supplied to public funded research institutions, research institutions, universities, Indian...

The Appellate Tribunal addressed the issue of Tax Deducted at Source (TDS) under section 195, specifically disallowance under section 40(a)(i) for payments labeled as...

Quick Updates: