Deduction under section 80-MM - technical know-how

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....antified 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 of technical know-how were required to be approved by the concer....

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.... 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 to bifurcate the income at the time of the assessment. (iii) The ....

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....ed 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 Income-tax Officer finds that the approval has been obtained by fraud or mis....