https://www.taxtmi.com/caselaws?id=343049 Payment made under an approved sole selling agency agreement on premature termination was held to be revenue expenditure because it arose from a contractual, commercial decision and the assessing officer could not substitute his view on business necessity; consequence: disallowance deleted. Separately, Rs.10 lakhs specifically apportioned to goodwill, marketing information and know how was treated as consideration for self created goodwill with nil cost of acquisition and therefore assessable as long term capital gain; consequence: taxed as LTCG rather than income from other sources. Both issues resolved for the assessee. en-us Thu, 04 May 2017 00:00:00 +0530 Thu, 18 May 2017 07:31:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343049 Payment made under an approved sole selling agency agreement on premature termination was held to be revenue expenditure because it arose from a contractual, commercial decision and the assessing officer could not substitute his view on business necessity; consequence: disallowance deleted. Separately, Rs.10 lakhs specifically apportioned to goodwill, marketing information and know how was treated as consideration for self created goodwill with nil cost of acquisition and therefore assessable as long term capital gain; consequence: taxed as LTCG rather than income from other sources. Both issues resolved for the assessee. Case-Laws Income Tax Thu, 04 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343049