Question And Answer
Subject: filing of form for getting approval u/s 35
Querist: seetharaman
Answered by:
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Date: November 1, 2021
Query asked by seetharaman


A company regd under sec 8 of the Companies Act, doing statistical  research wants to apply u/s 35(1)(iii) of Income Tax Act. Prescribed form for getting approval be adviced.  whether it can be applied for the year 2020-21. condonation is required,  kindly advice.

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Answer given by

The assessee has to fulfil the conditions prescribed and has to be approved by the prescribed authority .The assessee should make an application and should specify that company may be approved for the year 2020 -21 , with effect from a particular date . The Prescribed Authority may approve the application retrospectively , if all other conditions are satisfied . The approval is procedural requirement . In CIT v. TVS Electronics Ltd. (2019) 419 ITR 187 / 263 Taxman 164 (Mad.)(HC) the Court held that ,Research and Development facility was allowable even though approval of the concerned Ministry of Central Government was under consideration or awaited. In Banco Products (India) Ltd. v. DCIT (2018) 405 ITR 318 / 205 Taxman 244 (Guj.)(HC) the Court held that the application for approval in December 2006 and approval was granted in October 2008 . Entitle to weighted deduction.

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