https://www.taxtmi.com/caselaws?id=7240 Payments made under an oral, temporary and terminable arrangement with a rival exporter were treated as revenue expenditure because they did not create any asset, monopoly, trading right or enduring advantage in the assessee's favour. The outlay was incurred to exclude competition for the time being and facilitate the carrying on of trade in a more convenient and profitable manner, so its real character was business expenditure in the course of trade. Accordingly, the payments were allowable as a deduction under section 10(2)(xv) of the Indian Income-tax Act, 1922. en-us Wed, 15 Nov 1967 00:00:00 +0530 Mon, 16 Feb 2009 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7240 Payments made under an oral, temporary and terminable arrangement with a rival exporter were treated as revenue expenditure because they did not create any asset, monopoly, trading right or enduring advantage in the assessee's favour. The outlay was incurred to exclude competition for the time being and facilitate the carrying on of trade in a more convenient and profitable manner, so its real character was business expenditure in the course of trade. Accordingly, the payments were allowable as a deduction under section 10(2)(xv) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Wed, 15 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7240