https://www.taxtmi.com/circulars?id=9138 Payments by transferor textile mills of registration fees to the federation and payments to transferee mills under transfer agreements are expenditures laid out wholly and exclusively for business and allowable as deductions under the statutory deductibility provision; payments received by transferee mills for undertaking production obligations are revenue receipts taxable as business income. en-us Tue, 13 Dec 1977 00:00:00 +0530 Thu, 02 Jun 2011 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9138 Payments by transferor textile mills of registration fees to the federation and payments to transferee mills under transfer agreements are expenditures laid out wholly and exclusively for business and allowable as deductions under the statutory deductibility provision; payments received by transferee mills for undertaking production obligations are revenue receipts taxable as business income. Circulars Income Tax Tue, 13 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9138