Deduction u/s 35AB allowed for acquiring technical know-how for ...

Business deductions allowed for know-how, interest, rent & misc. income; turnover recomputed after SC ruling.

Case Laws Income Tax

September 4, 2024

Deduction u/s 35AB allowed for acquiring technical know-how for business use, even if manufacturing facility not commenced during the year. Net incomes not derived from industrial undertaking excluded while computing deductions u/ss 80HH and 80I. Interest on insurance claims, truck hiring charges, and rent treated as derived from industrial undertaking for Section 80I deduction. Miscellaneous income like commission, discounts, wastage sales, and diesel sales considered as derived from industrial undertaking for Section 80I deduction. Technical know-how fees deduction u/s 35AB confirmed. Deduction u/s 80HHC to be recomputed after excluding sales tax and excise duty from turnover, following Supreme Court decision in Lakshmi Machine Works case.

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Deduction u/s 35AB allowed for acquiring technical know-how for ...

Business deductions allowed for know-how, interest, rent & misc. income; turnover recomputed after SC ruling.

Case Laws Income Tax

September 4, 2024

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