https://www.taxtmi.com/caselaws?id=249055 The High Court ruled in favor of the assessee, concluding that the technical know-how fees should be treated as allowable expenses under Section 37(1) of the Income-tax Act, 1961. The Court emphasized that since the expenditure was revenue in nature, Section 35AB, which deals with capital expenditure, did not apply. The appeal was decided in favor of the assessee, affirming their right to claim the expenses under Section 37(1) and dismissing the Revenue's challenge. en-us Mon, 03 Mar 2014 00:00:00 +0530 Thu, 03 Jul 2014 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249055 The High Court ruled in favor of the assessee, concluding that the technical know-how fees should be treated as allowable expenses under Section 37(1) of the Income-tax Act, 1961. The Court emphasized that since the expenditure was revenue in nature, Section 35AB, which deals with capital expenditure, did not apply. The appeal was decided in favor of the assessee, affirming their right to claim the expenses under Section 37(1) and dismissing the Revenue's challenge. Case-Laws Income Tax Mon, 03 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249055