Aenox Digital Technology Limited v. DCIT Circle 1

Parties Involved

Facts Summary

The assessee, Aenox Digital Technology Limited, had incurred an expenditure towards research and development for which a sum of Rs.1,12,50,000/- was paid to M/s. Ashapura Minechem Ltd. The assessee claimed a weighted deduction under section 35(1)(ii) of the Income-tax Act, 1961. However, the requisite approval under section 35(1)(ii) was not obtained, and the approval submitted was under section 35(2AB). The assessee withdrew the claim as the time for filing the revised return had lapsed. The Assessing Officer imposed a penalty under section 271(1)(c) of the Act, which was confirmed by the Commissioner of Income-tax (Appeals). The assessee appealed against this order.…

Legal Issues

• 1. Whether the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961 is justified.

Judgment Outcome

Decided in favour of Assessee.

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