https://www.taxtmi.com/caselaws?id=267111 The respondent-assessee was successful in the case regarding entitlement to carry forward and set-off of business losses under Section 79 of the Income Tax Act. The court ruled in favor of the assessee, emphasizing that control through a subsidiary maintained the required voting power above 51%, satisfying the provisions of Section 79. Additionally, the assessee was granted the entitlement to claim deduction under Section 35AB for the payment of Rs. 5 Crores for technical know-how, as the liability to pay arose on the date of transfer, irrespective of the deferred payment schedule. The appeals were dismissed with no costs awarded. en-us Wed, 07 Oct 2015 00:00:00 +0530 Sat, 05 Mar 2016 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267111 The respondent-assessee was successful in the case regarding entitlement to carry forward and set-off of business losses under Section 79 of the Income Tax Act. The court ruled in favor of the assessee, emphasizing that control through a subsidiary maintained the required voting power above 51%, satisfying the provisions of Section 79. Additionally, the assessee was granted the entitlement to claim deduction under Section 35AB for the payment of Rs. 5 Crores for technical know-how, as the liability to pay arose on the date of transfer, irrespective of the deferred payment schedule. The appeals were dismissed with no costs awarded. Case-Laws Income Tax Wed, 07 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267111