https://www.taxtmi.com/caselaws?id=13567 The court upheld the Tribunal's decisions on all issues, ruling in favor of the assessee. The royalty payments to Mitsubishi Motors Corporation were deemed revenue expenditure, not capital, under Section 37 of the Income-tax Act. The Tribunal was justified in allowing the assessee to raise an additional ground regarding funded interest, as it pertained to tax liability with relevant facts on record. Furthermore, the Tribunal's confirmation of depreciation on notional foreign exchange fluctuation was upheld, as it did not constitute a substantial question of law. Consequently, the appeals were dismissed. en-us Wed, 18 Oct 2006 00:00:00 +0530 Tue, 20 Feb 2024 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13567 The court upheld the Tribunal's decisions on all issues, ruling in favor of the assessee. The royalty payments to Mitsubishi Motors Corporation were deemed revenue expenditure, not capital, under Section 37 of the Income-tax Act. The Tribunal was justified in allowing the assessee to raise an additional ground regarding funded interest, as it pertained to tax liability with relevant facts on record. Furthermore, the Tribunal's confirmation of depreciation on notional foreign exchange fluctuation was upheld, as it did not constitute a substantial question of law. Consequently, the appeals were dismissed. Case-Laws Income Tax Wed, 18 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13567