Law:

Section:

Section 80MM of the income-tax act, 1961 [as it stood prior to its omission with effect from 1-4-1984]-Deductions-In case of an indian company in respect of royalties, etc., received from any concern in India-Petitioner-company, B, was doing engineering consultancy work-Another company, S, producing viscose staple fibre, entered into agreement with third company, G, for purchase of plant and machinery-On G's suggestion, S entered into agreement dated 31-3-1972 with petitioner-company for supply of know-how-Petitioner's application for registration of agreement under section 80MM was rejected by CBDT -Petitioner's review application was also rejected by cbdt chiefly because petitioner had failed to supply some relevant documents in time-On writ, asses-see admitting want of case, pleaded for fresh opportunity to produce relevant documents to obtain benefit of registration-Whether, in interest of justice, assessee's request merited acceptance-Held, on facts, yes. Facts The petitioner B was a public limited company, duly recognised by the Government of India as a consulting engineering company, specialised in various fields on providing technical know-how in setting up of plants, etc. At the relevant time, another public limited company, S, had in existence its plant for manufacture of viscose staple fibre. For expansion of its production capacity, S had entered into an agreement with another company, G, for the supply of plant and equipment. S also needed services of consulting engineers who could render it technical assistance relating to design, engineering, commissioning, etc. On G's suggestion, S entered into an agreement with the petitioner-company on 31-3-1972 for the supply of relevant technical know-how. The petitioner-company, in order to avail itself of the benefit of deduction under section 80MM, applied to the CBDT in May 1972 for the approval of its agreement dated 31-3-1972. The petitioner also submitted details as required from time to time by the CBDT. By its order dated 10-5-1974, the CBDT declined to approve the agreement. On the petitioner's application dated 14-5-1976 for reconsideration of the case, the CBDT, by its order dated 8-2-1976,…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492