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Income Tax - Highlights / Catch Notes

Home Highlights July 2012 Year 2012 This

Payment for know-how - deductible under Section 37 as a Revenue ...

Income Tax

July 20, 2012

Payment for know-how - deductible under Section 37 as a Revenue expenditure OR Section 35AB? - said expenditure qualifies for deduction u/s 37 - HC

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  1. Technical Assistance Agreement - Acquiring of know-how - Once Section 35AB of the Act comes into play, then Section 37 of the Act has no application - SC

  2. The assessee, who has already got deduction under Section 37 to re-work and claim the benefit under Section 35AB on the basis of amortization of capital expenditure- SC

  3. Payment of technical know how - ITAT deleting the disallowance u/s 35AB - Deduction on such expenditure was available even before the introduction of section 35AB of the...

  4. Expenditure on know-how – Deduction of revenue expenditure was available u/s 37 and such deduction cannot be curtailed or limited by applying section 35AB. - HC

  5. Addition u/s 37(1) - non-competition fee - revenue or capital expenditure - it does not bring in any capital asset - the payment is allowable u/s 37(1) - HC

  6. 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...

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

  8. Business expenditure u/s.37(1) - share issue expenses - assessee has abandoned the proposal to issue shares at later stage - when the nature of expenditure incurred by...

  9. Nature of expenditure - Expenditure being contribution to Cricket Academy u/s 37 - t expenditure in question was revenue expenditure and should be allowed as a deduction.

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

 

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