https://www.taxtmi.com/caselaws?id=216491 The court upheld the applicability of Section 35AB of the Income Tax Act, 1961 in a case involving a dispute over the deduction of an amount paid for acquiring know-how under Section 37. It clarified that once Section 35AB applies, Section 37 has no relevance. The court emphasized that the expenditure must be incurred "for" the business of the assessee, aligning with the requirements of Section 35AB. The judgment highlighted the importance of expenditure being for business purposes and dismissed the civil appeal, affirming the decision of the High Court. en-us Thu, 06 Sep 2012 00:00:00 +0530 Wed, 12 Dec 2012 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216491 The court upheld the applicability of Section 35AB of the Income Tax Act, 1961 in a case involving a dispute over the deduction of an amount paid for acquiring know-how under Section 37. It clarified that once Section 35AB applies, Section 37 has no relevance. The court emphasized that the expenditure must be incurred "for" the business of the assessee, aligning with the requirements of Section 35AB. The judgment highlighted the importance of expenditure being for business purposes and dismissed the civil appeal, affirming the decision of the High Court. Case-Laws Income Tax Thu, 06 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216491