https://www.taxtmi.com/caselaws?id=9678 The court determined that the payment of Rs. 1,34,678 by the assessee to the retiring partners constituted revenue expenditure rather than capital expenditure. The court emphasized that the payment was tied to the annual profits of the business and not to the capital value of the assets. As a result, the appeal by the Revenue was dismissed, and the decision of the Income-tax Appellate Tribunal was upheld. The court also directed the appellant to bear its own costs due to the assessee's absence during the proceedings. en-us Tue, 30 Aug 2005 00:00:00 +0530 Sun, 28 Jun 2009 19:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9678 The court determined that the payment of Rs. 1,34,678 by the assessee to the retiring partners constituted revenue expenditure rather than capital expenditure. The court emphasized that the payment was tied to the annual profits of the business and not to the capital value of the assets. As a result, the appeal by the Revenue was dismissed, and the decision of the Income-tax Appellate Tribunal was upheld. The court also directed the appellant to bear its own costs due to the assessee's absence during the proceedings. Case-Laws Income Tax Tue, 30 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9678