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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Guidance on Section 35A: Correcting Deduction Errors for Patent and Copyright Expenditures in Income Tax Assessments.</h1> Instruction No. 816/CBDT, dated December 20, 1974, addresses Section 35A of the Income-tax Act, 1961, which allows for the deduction of capital expenditure on acquiring patent or copyright rights for business purposes. This deduction is spread over 14 years or the remaining life of the rights, whichever is shorter. The Board advises that if a deduction was mistakenly allowed in the first year, subsequent disallowance should not occur until the first year's assessment is corrected under sections 154, 253, or 147. Income-tax Officers are instructed to follow these guidelines.
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