https://www.taxtmi.com/caselaws?id=70400 The Tribunal held that the payment of Rs. 1,13,611 by the assessee to M/s. Environmental Elements Corporation, USA, was revenue expenditure as it was for obtaining technical knowhow under a technology licensing agreement and did not result in any enduring advantage or new capital asset. The Commissioner's decision to treat it as capital expenditure was overturned, and the Income-tax Officer's assessment allowing the expenditure as revenue was upheld. Consequently, the Commissioner's order under section 263 of the Income-tax Act was cancelled, and the original assessment was reinstated. en-us Fri, 23 Feb 1990 00:00:00 +0530 Fri, 15 Apr 2011 19:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70400 The Tribunal held that the payment of Rs. 1,13,611 by the assessee to M/s. Environmental Elements Corporation, USA, was revenue expenditure as it was for obtaining technical knowhow under a technology licensing agreement and did not result in any enduring advantage or new capital asset. The Commissioner's decision to treat it as capital expenditure was overturned, and the Income-tax Officer's assessment allowing the expenditure as revenue was upheld. Consequently, the Commissioner's order under section 263 of the Income-tax Act was cancelled, and the original assessment was reinstated. Case-Laws Income Tax Fri, 23 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70400