https://www.taxtmi.com/caselaws?id=7051 The court held that the payments made to the heirs constituted part of the assessee's income but were not deductible as revenue expenditure. The court emphasized that the payments were capital expenditure for acquiring goodwill based on the agreement between the parties. The court distinguished between capital and revenue expenditure, concluding that the payments were towards a capital asset and should not be deducted from profits. The court rejected the argument that the payments should be deducted before reaching the assessee and upheld the department's assessment. The assessee was directed to bear the Commissioner's costs. en-us Sat, 25 Feb 1967 00:00:00 +0530 Sun, 08 Feb 2009 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7051 The court held that the payments made to the heirs constituted part of the assessee's income but were not deductible as revenue expenditure. The court emphasized that the payments were capital expenditure for acquiring goodwill based on the agreement between the parties. The court distinguished between capital and revenue expenditure, concluding that the payments were towards a capital asset and should not be deducted from profits. The court rejected the argument that the payments should be deducted before reaching the assessee and upheld the department's assessment. The assessee was directed to bear the Commissioner's costs. Case-Laws Income Tax Sat, 25 Feb 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7051