https://www.taxtmi.com/caselaws?id=27125 The High Court held that the amount debited to the 'Deferred Revenue Expenditure Technical Know-how Payment Account' was revenue expenditure, not capital in nature. The court allowed the deductions claimed by the assessee and upheld the deletion of the profit on the devaluation of pound sterling from the taxable income. The court ruled in favor of the assessee on both issues, emphasizing that the expenditure did not provide an enduring advantage and that the profit on devaluation was not taxable due to the nature of the borrowed capital. en-us Tue, 01 Nov 1983 00:00:00 +0530 Wed, 10 Feb 2010 18:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27125 The High Court held that the amount debited to the 'Deferred Revenue Expenditure Technical Know-how Payment Account' was revenue expenditure, not capital in nature. The court allowed the deductions claimed by the assessee and upheld the deletion of the profit on the devaluation of pound sterling from the taxable income. The court ruled in favor of the assessee on both issues, emphasizing that the expenditure did not provide an enduring advantage and that the profit on devaluation was not taxable due to the nature of the borrowed capital. Case-Laws Income Tax Tue, 01 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27125