Condition precedent for claiming deduction under section 42


Last updated: 30 March 2009

Court :
ITAT, ā€˜C’ BENCH, AHMEDABAD

Brief :
Only such deduction are allowed under section 42(1) as are specified in the agreement (PSC) and that too when they fall in any of the sub-clause (a), (b) or (c) of section 42(1); the PSC is an agreement between the Government of India and the assessee; it being a legal document, no word or phrase can be added; it has to be read as it is.

Citation :
ACIT v. Niko Resources Ltd. ITA NOS. 661 & 789/AHD/2005

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