corporate and professional updates 12th may 2018
CORPORATE AND PROFESSIONAL UPDATES 12TH MAY 2018 Direct Tax: Bombay HC holds that expenditure incurred during AY 1986-87 for obtaining technical knowhow under a license is classifiable u/s. 35AB (which allows deduction for 1/6th of amount) and not u/s. 37 ; Rejects assessee’s contention that the word ‘acquiring’ occurring in Sec. 35AB necessarily mean acquisition of ownership rights in technical …