Approval of agreement under which assessee-company receives royalty, etc., from any concern in India which is eligible for deduction under the section

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 https://www.taxtmi.com/circulars?id=4525 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. en-us Tue, 13 Nov 1973 00:00:00 +0530 Sat, 09 Aug 2008 13:33:00 +0530 TaxTMI RSS Generator 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 https://www.taxtmi.com/circulars?id=4525 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. Circulars Income Tax Tue, 13 Nov 1973 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4525