https://www.taxtmi.com/caselaws?id=26270 The High Court of Bombay ruled in favor of the assessee-company, allowing the payments made to Grasso, Twin Disc, and the National Research Development Corporation of India as permissible deductions for revenue expenditure. The court held that the payments for technical know-how were revenue expenditures and not capital assets, dismissing arguments to the contrary. Consequently, the court directed the Commissioner to pay the costs of the references to the assessee, concluding the matter in favor of the assessee-company. en-us Wed, 30 Oct 1985 00:00:00 +0530 Wed, 03 Feb 2010 17:50:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26270 The High Court of Bombay ruled in favor of the assessee-company, allowing the payments made to Grasso, Twin Disc, and the National Research Development Corporation of India as permissible deductions for revenue expenditure. The court held that the payments for technical know-how were revenue expenditures and not capital assets, dismissing arguments to the contrary. Consequently, the court directed the Commissioner to pay the costs of the references to the assessee, concluding the matter in favor of the assessee-company. Case-Laws Income Tax Wed, 30 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26270