Approval of agreement under which assessee-company receives royalty, etc., from any concern in India which is eligible for deduction under the section - Guidelines therefor
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Tax concession for technical know how: approval depends on bona fides, business nexus, and separable consideration for qualifying services. Approval under section 80MM is limited to bona fide agreements for provision of technical know-how or services in connection with such provision that ... Summary
Tax concession for technical know how: approval depends on bona fides, business nexus, and separable consideration for qualifying services.
Approval under section 80MM is limited to bona fide agreements for provision of technical know-how or services in connection with such provision that directly assist specified operations (manufacture, processing, installation/erection of plant, mining, prospecting or allied agricultural activities). Agreements must be specific in scope, with parties engaged in business in India, and the Board will require allocation of consideration in composite contracts so that only amounts attributable to qualifying know how and connected services receive deduction; unreasonable or collusive arrangements will be refused.
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