https://www.taxtmi.com/caselaws?id=22029 The court held that the excess income-tax paid by the assessee-company over the liability taken over from the vendor-firm constitutes capital expenditure and is not deductible as a revenue expense. The income-tax liability of the vendor-firm borne by the assessee-company was deemed a non-trading liability and also not allowed as a revenue deduction. The court ruled in favor of the Revenue and against the assessee, with no order as to costs. en-us Mon, 04 Feb 1991 00:00:00 +0530 Sat, 05 Dec 2009 15:56:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22029 The court held that the excess income-tax paid by the assessee-company over the liability taken over from the vendor-firm constitutes capital expenditure and is not deductible as a revenue expense. The income-tax liability of the vendor-firm borne by the assessee-company was deemed a non-trading liability and also not allowed as a revenue deduction. The court ruled in favor of the Revenue and against the assessee, with no order as to costs. Case-Laws Income Tax Mon, 04 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22029