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Income Tax - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

Expenditure incurred by the assessee towards the procurement of ...

Income Tax

May 1, 2015

Expenditure incurred by the assessee towards the procurement of technical know how by paying a lumpsum consideration for use in the course of business is a revenue expenditure falling u./s 37 and the provisions of Section 35 AB are not applicable - HC

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  1. The expenditure incurred by the assessee towards royalty and fee for technical assistance in pursuance of the licence agreement were revenue expenditure and not capital...

  2. Nature of expenses on Technical know-how fee - such technical know-how was used for the purpose of manufacturing the existing items - held as revenue expenditure - HC

  3. Addition towards professional fees for valuation of know-how u/s 37(1) - the expenditure is not incurred for the acquisition of know-how; it is incurred only for the...

  4. Royalty payment - in the nature of expenditure incurred for carrying on business with available know-how - revenue expenditure - HC

  5. Royalty & lump sum fee – The payment of lump sum fees for the technical know-how and the royalty is allowable as revenue expenditure - AT

  6. Treatment to acquiring technical know - revenue v/s capital expenditure - expenditure incurred for grant of License which accords ‘access’ to technical knowledge, as...

  7. Nature of expenditure incurred towards research and development - The fact that the expenses incurred by the assessee towards research and expenses have been met out of...

  8. Expenditure incurred towards fund - allowed as deduction while computing income of the assessee-co-operative bank - AT

  9. Disallowance of royalty - capital OR revenue expenditure - The ownership/ proprietary rights in the technical know-how continue to vest in lithe censor and the assessee...

  10. Disallowance of expenditure incurred towards free samples - On a perusal of material placed before us, it is noticed that the cost incurred by the assessee towards...

 

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