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of <h1>40% deduction for royalties and technical know-how payments with Board approval and deadlines; excludes income under section 80-O</h1> Where an assessee (being an Indian company) included income from royalties, fees or other payments received from persons carrying on business in India for provision or services connected with technical know-how, the law allowed a deduction equal to 40% of that income in computing total income, subject to prior approval by the Board and application deadlines; 'provision of technical know-how' covered transfers, licences, use or imparting of patents, formulas, processes or related industrial, commercial or scientific information; the section did not apply to income already eligible for deduction under section 80-O.
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