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2012 (7) TMI 491 - HC - Income TaxPayment for know-how - deductible under Section 37 as a Revenue expenditure OR Section 35AB ? - Held that:- As decided in CIT Versus Kirloskar Tractors Ltd. [1998 (2) TMI 117 (HC) ] wherein the assessee having entered into an agreement for execution of the turn-key project and at the request of the said client acquired technical know-how to be used in its engineering, activity the confidentiality that has to be maintained on the technical know-how obtained, it is clear that the entire expenditure incurred by the assessee was towards its profit making process qualifying for deduction as revenue expenditure. That being so, going by the provisions under Section 37 the said expenditure qualifies for deduction u/s 37 and hence Section 35AB has no application to the facts of the case - in favour of assessee.
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