https://www.taxtmi.com/caselaws?id=12215 The High Court of MADRAS ruled in favor of the assessee, allowing the deduction under section 35AB for expenditure on acquiring know-how for manufacturing sodium formate. Despite returning the know-how and project abandonment, the court held that the industrial information acquired during the relevant year entitled the assessee to the deduction. Emphasizing assessment based on the payment year and purpose of acquiring information, the court upheld the Tribunal's decision against the Revenue's contentions, affirming the entitlement to the deduction under section 35AB. en-us Wed, 11 Sep 2002 00:00:00 +0530 Fri, 19 Feb 2010 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12215 The High Court of MADRAS ruled in favor of the assessee, allowing the deduction under section 35AB for expenditure on acquiring know-how for manufacturing sodium formate. Despite returning the know-how and project abandonment, the court held that the industrial information acquired during the relevant year entitled the assessee to the deduction. Emphasizing assessment based on the payment year and purpose of acquiring information, the court upheld the Tribunal's decision against the Revenue's contentions, affirming the entitlement to the deduction under section 35AB. Case-Laws Income Tax Wed, 11 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12215