Deduction under section 80-MM - technical know-how

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... qualifies for deduction under the said section has to be quantified by the Income-tax Officer at the time of assessment. 2. While determining the amount for deduction under section 80-MM for any assessment year the Income-tax Officers should bear in mind the following:- (i) Under the provisions of section 80-MM as introduced originally by the Finance Act, 1969, agreements for the provision ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Deduction within the meaning of section 80-MM is to be restricted in respect of amounts relating to imparting of technical know-how which fall within the ambit of the section. While granting approval to a composite agreement, the Board will specify in the approval order the portion of the agreement which is not covered by the provisions of section 80-MM. It will be left to the Income-tax Officer ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nts have been audited and audit report furnished in Form No.3C as required by rule 6AB of the Income-tax Rules, 1962. (vi) The Board approves only the agreement placed before it and the facts presented therein. It does not go into the genuineness of the agreement or the reasonableness of the claim. These are matters of facts which the I.T.O. may look into at the time of assessment. Where the In....