Thursday 21 May 2015

Lump sum payment made for procurement of right to use technical know-how is deductible u/s 37 and no

IT : In case of assessee, engaged in production of engineering related products, expenditure incurred towards procurement of right to use technical know-how by paying a lump sum consideration in course of business was a revenue expenditure falling under section 37 and provisions of section 35AB were not applicable to assessee's case

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