(1)Subject to the provisions of sub-section (2), where the assessee has paid in [ Inserted by Act 27 of 1999, Section 16 (w.e.f. 1.4.2006).][any previous year relevant to the assessment year commencing on or before the 1st day of April, 1998] [ Substituted by Act 21 of 1998, Section 13, for " in any previous year" (w.e.f. 1.4.1999).]any lump sum consideration for acquiring any know-how for use for the purposes of his business, one-sixth of the amount so paid shall be deducted in computing the profits and gains of the business for that previous year, and the balance amount shall be deducted in equal instalments for each of the five immediately succeeding previous years.
