17[Consideration for know-how.
180A. Where the time taken by an individual, who is resident in India, for
developing any know-how is more than twelve months, he may elect that the gross
amount of any lump sum consideration received or receivable by him during the
previous year 18[relevant to the assessment year commencing on the 1st day of April,
2000 or earlier assessment years] for allowing use of such know-how shall be
treated for the purposes of charging income-tax for that year and for each of
the two immediately preceding previous years as if one-third thereof were
included in his income chargeable to tax for each of those years respectively
and if he so elects, notwithstanding anything contained in any other provision
of this Act,—
(a) such gross amount shall be so treated, and
(b) the assessments for each of the two preceding
previous years shall, if made, be accordingly rectified under section 154, the period of four years specified in
sub-section (7) of that section being reckoned from the end of the financial
year in which the assessment relating to the previous year in which the amount
was received or receivable by such individual is made.
Explanation.—For the purposes of this section, the expression “know-how” has the
meaning assigned to it in section 35AB.]
