https://www.taxtmi.com/caselaws?id=25435 The High Court determined that the payment of Rs. 80,000 to outgoing partners constituted capital expenditure for the acquisition of goodwill, not revenue expenditure. The court held that the expenditure was incidental to the reconstitution of the business and not for carrying on the business, thus affirming the Revenue's position over the assessee's claim. The Tribunal's decision to treat the payment as revenue expenditure was deemed erroneous. en-us Thu, 19 Feb 1987 00:00:00 +0530 Thu, 28 Jan 2010 15:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25435 The High Court determined that the payment of Rs. 80,000 to outgoing partners constituted capital expenditure for the acquisition of goodwill, not revenue expenditure. The court held that the expenditure was incidental to the reconstitution of the business and not for carrying on the business, thus affirming the Revenue's position over the assessee's claim. The Tribunal's decision to treat the payment as revenue expenditure was deemed erroneous. Case-Laws Income Tax Thu, 19 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25435