https://www.taxtmi.com/caselaws?id=49214 An annual payment made under the agreements was characterised by its real commercial nature, not its form: the cash price for the assets was separately fixed, while the disputed payment was a recurring percentage of profits payable for an indefinite period and not linked to any capital sum or the capital value of the undertakings. On that basis, the payment was held to be a business outgoing of a revenue character and not capital expenditure, so it was deductible under section 10(2)(xv); the High Court's contrary view was overruled. en-us Tue, 20 Sep 1966 00:00:00 +0530 Wed, 07 Oct 2015 09:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49214 An annual payment made under the agreements was characterised by its real commercial nature, not its form: the cash price for the assets was separately fixed, while the disputed payment was a recurring percentage of profits payable for an indefinite period and not linked to any capital sum or the capital value of the undertakings. On that basis, the payment was held to be a business outgoing of a revenue character and not capital expenditure, so it was deductible under section 10(2)(xv); the High Court's contrary view was overruled. Case-Laws Income Tax Tue, 20 Sep 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49214