https://www.taxtmi.com/caselaws?id=63195 Under a composite turnkey contract for supply, erection and commissioning of pumping sets, income does not accrue merely on despatch of auxiliary parts where contractual completion depends on successful erection, testing and takeover by the customer; only income attributable to pumping sets actually commissioned during the year is recognised. Payment for limited licence rights to drawings, designs, calculations and technical data, with continuing technical assistance and no transfer of an enduring asset, is revenue expenditure because it secures use of know-how for manufacturing purposes rather than acquisition of a new profit-making apparatus. en-us Wed, 31 Aug 1988 00:00:00 +0530 Fri, 28 Jan 2011 13:26:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63195 Under a composite turnkey contract for supply, erection and commissioning of pumping sets, income does not accrue merely on despatch of auxiliary parts where contractual completion depends on successful erection, testing and takeover by the customer; only income attributable to pumping sets actually commissioned during the year is recognised. Payment for limited licence rights to drawings, designs, calculations and technical data, with continuing technical assistance and no transfer of an enduring asset, is revenue expenditure because it secures use of know-how for manufacturing purposes rather than acquisition of a new profit-making apparatus. Case-Laws Income Tax Wed, 31 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63195