https://www.taxtmi.com/caselaws?id=344283 The High Court upheld the Tribunal's decision in a case involving the interpretation of Section 35AB of the Income Tax Act. It ruled that the deduction for technical knowhow expenses could be claimed even if the business activity for which the knowhow was acquired had not commenced. The Court emphasized that the deduction eligibility depended on meeting specific conditions, regardless of immediate use of the knowhow. As the soda ash project was seen as an extension of the existing business, the deduction was allowed. The Court dismissed the Revenue's appeal and affirmed the Tribunal's judgment in favor of the assessee. en-us Wed, 07 Jun 2017 00:00:00 +0530 Tue, 13 Jun 2017 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344283 The High Court upheld the Tribunal's decision in a case involving the interpretation of Section 35AB of the Income Tax Act. It ruled that the deduction for technical knowhow expenses could be claimed even if the business activity for which the knowhow was acquired had not commenced. The Court emphasized that the deduction eligibility depended on meeting specific conditions, regardless of immediate use of the knowhow. As the soda ash project was seen as an extension of the existing business, the deduction was allowed. The Court dismissed the Revenue's appeal and affirmed the Tribunal's judgment in favor of the assessee. Case-Laws Income Tax Wed, 07 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344283