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Showing contexts for: technical collaboration in Cit vs Modi Revlon Pvt. Ltd. on 29 August, 2012Matching Fragments
19. The know-how agreement between Revlon Mauritius and the assessee initially was for a period contained in the foreign collaboration letter issued by the FIPB, Government of India, dated 14-1-1994; (that fixed the duration of ITA Nos.1450-1451, 1640, 1652 & 825/2011 Page 13 the agreement was ten years from the date of agreement or seven years from the date of commencement of commercial production). The seven year period expired on 29-8-2002. The assessee had requested the Government on 21-7- 2003 for extension of technical collaboration agreement. Approval to this was granted by letter dated 6-8-2003. The supplement agreement dated 16-9-2003 was executed between RML (Licensor) and the assessee, made effective from 1-10-2003. Clause 1 of the said supplement agreement reads as under: