https://www.taxtmi.com/caselaws?id=193078 Payments described as consideration for acquiring exclusive rights to the firm's profits and to conduct its business for a five-year period are capital in nature; the legal principle distinguishing expenditure to acquire a concern or the right to earn profits from revenue expenditure for carrying on business was applied, leading to the conclusion that such payments are not deductible under clause (xii) of sub-section (2) of Section 10 of the Income-tax Act. Comparable authorities treating acquisition of business rights as capital were relied on to support disallowance of the claimed deduction. en-us Wed, 23 Jun 1943 00:00:00 +0630 Wed, 12 Jul 2017 17:52:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193078 Payments described as consideration for acquiring exclusive rights to the firm's profits and to conduct its business for a five-year period are capital in nature; the legal principle distinguishing expenditure to acquire a concern or the right to earn profits from revenue expenditure for carrying on business was applied, leading to the conclusion that such payments are not deductible under clause (xii) of sub-section (2) of Section 10 of the Income-tax Act. Comparable authorities treating acquisition of business rights as capital were relied on to support disallowance of the claimed deduction. Case-Laws Income Tax Wed, 23 Jun 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=193078