Omitted

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.... "under an agreement entered into by the assessee with such person on or after the 1st day of April, 1969, and for which approval of the Central Government in this behalf is applied for before the 1st day of October of the relevant assessment year, there shall be allowed a deduction from such income of an amount equal to forty per cent. thereof, in computing the total income of the assessee." ....

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.... 2) Act, 1971 w.e.f. 01-04-1972 9.  Inserted vide Section 19 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 10.  Omitted vide Section 7 of the Finance Act, 1974 w.e.f. 01-04-1975 before it was read as, "or a person (other than a company) who is resident in India" 11.  Omitted vide Section 7 of the Finance Act, 1974 w.e.f. 01-04-1975 before i....

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....ere the gross total income of an ^3[assessee, being an Indian company ^10[****],] includes any income by, way of royalty, commission fees or any other payment (not being income chargeable under the head "Capital gains") ^4[received by the assessee] from any person carrying on a business in India in consideration for - (i) the provision of technical know-how which is likely to assist in th....

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....uction] from such income of an amount equal to forty per cent. thereof, in computing the total income of the assessee : Provided that the application for such approval is made to the ^6[Board] before the 1st day of October of the relevant assessment year.] ^8[Provided further that approval of the Board shall not be necessary in the case of any such agreement which has been approv....