https://www.taxtmi.com/caselaws?id=21153 The High Court held that the amount paid by the assessee for the tax liability of the transferor firm was a capital expenditure and not deductible as revenue expenditure. The Court emphasized that the payment was part of the consideration for acquiring the business, making it capital in nature. Therefore, the deduction claim of Rs. 2,35,000 was disallowed, ruling in favor of the Revenue and against the assessee. en-us Thu, 04 Feb 1993 00:00:00 +0530 Fri, 20 Nov 2009 13:49:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21153 The High Court held that the amount paid by the assessee for the tax liability of the transferor firm was a capital expenditure and not deductible as revenue expenditure. The Court emphasized that the payment was part of the consideration for acquiring the business, making it capital in nature. Therefore, the deduction claim of Rs. 2,35,000 was disallowed, ruling in favor of the Revenue and against the assessee. Case-Laws Income Tax Thu, 04 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21153