Law:

Section:

Section 9 of the Income-tax Act, 1961 - Income - Deemed to accrue or arise in India - Applicant, a British company, is engaged in business of providing and enabling electronic payment services via mobile and fixed line telecom and other telecom service networks - Over years, applicant has been conceiving, designing and developing software technology relating to payment processing platforms and services - In year 1966, a new framework for an advanced intelligent processing platform was conceived of - In order to exploit that invention commercially, appropriate software had to be designed and developed - After developing design, applicant outsourced development of software to an Indian company 'Satyam' - Satyam developed software and thereafter an assignment agreement effective from 1-1-1998 was executed between parties whereunder Satyam, after receiving good and valuable consideration, assigned to applicant in perpetuity all worldwide rights, title and interest in software and intellectual property rights and copyright over software developed - Patent authority in Briten granted 'Patent 947' to applicant in respect of said software - Applicant, subsequently, discovered certain facts which led it to believe that some of signatures in inventors' assignment purportedly signed by employees of Satyam and furnished to applicant and filed by applicant before patent authority, were not genuine but were forgeries due to which value of its entire patent portfolio had been impaired - Applicant filed complaint against Satyam in District Court of Texas - However, thereafter parties entered into a settlement agreement which provided for parties to sever all ties with each other forever and for settlement of all claims and disputes between parties - Satyam agreed to pay to applicant an amount of $ 70 million for extinguishment of all rights and obligations between parties, for severing their business relationship arising out of prior agreements, towards compensation for deficiency in its patent found to exist by applicant, for grant of perpetual worldwide royalty-free licence by applicant on all its patents to Satyam, subject to Satyam not having a right to assign licence -…

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