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of <h1>CBDT Approval Needed for Technical Know-How Deductions u/s 80-MM; Post-1972 Ministry Approvals Invalid, Officer Verifies Genuineness.</h1> Under section 80-MM of the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) grants approval for agreements involving technical know-how. However, the deduction amount is determined by the Income-tax Officer during assessment. Post-1972 approvals by Central Government Ministries are invalid; only CBDT approvals are recognized. Deductions are based on net income after expenses, not gross income. For non-company entities, audited accounts and an audit report in Form No.3C are required. The Board does not verify the agreement's genuineness, which is the Income-tax Officer's responsibility. Officers must report deductions to the Commissioner of Income-tax.
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