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Section 35ABB - Expenditure for Obtaining Licence to operate Telecommunication Services

Income Tax - Profit and Gains of Business or Profession - 19 - SEC - 35ABB: EXPENDITURE FOR OBTAINING LICENCE TO OPERATE TELECOMMUNICATION SERVICES CONDITIONS: 1. Expenditure should be capital in nature. 2. It should be incurred for the purpose of acquiring any right to operate telecommunication services. 3. Payment should have been actually made to obtain a license for claiming deduction. 4. It may be incurred either before commencement of business or any time during the previous year. AMOUNT O .....

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OR LOSS ON SALE OF TELECOM LICENCE: Different Situations Tax Treatment Entire telecom licence is transferred i. When sale consideration is less than WDV WDV minus sale consideration is allowed as deduction under section 35ABB in the year of sale. ii. When sale consideration is more than WDV The excess of sale consideration over WDV is taxable as business income in the year of sale. When a part of telecom licence is transferred i.When sale consideration is less than WDV WDV minus sale considerati .....

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