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2002 (9) TMI 80 - HC - Income TaxExpenditure On Acquiring Know-How - "whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee is entitled to deduction under section 35AB?" - Section 35AB is designed to provide relief to the assessee who paid a lumpsum consideration for acquisition of know-how. The time with reference to which the assessee's entitlement is to be judged is the previous year in which the payment was made and not the subsequent year in which the assessee's project was either abandoned or the know-how became useless by reason of the non-availability of other inputs required to make the project success. The return of the know-how in the subsequent year would not affect the factum of payment having been made in the relevant previous year for the purpose of acquisition of the know-how. - The Tribunal, therefore, was right in the view it took
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