https://www.taxtmi.com/caselaws?id=56228 The Tribunal dismissed the appeal, affirming that the license fee paid by the assessee was an application of income after it had been earned. There was no antecedent legal obligation to pay the license fee, and the provisions of section 40A(2) were correctly applied to limit the allowable expenditure to a reasonable return on the credit balances of the erstwhile partners. The decision of the CIT(A) was upheld, and the appeal was dismissed. en-us Wed, 30 Jun 1999 00:00:00 +0530 Thu, 02 Dec 2010 14:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56228 The Tribunal dismissed the appeal, affirming that the license fee paid by the assessee was an application of income after it had been earned. There was no antecedent legal obligation to pay the license fee, and the provisions of section 40A(2) were correctly applied to limit the allowable expenditure to a reasonable return on the credit balances of the erstwhile partners. The decision of the CIT(A) was upheld, and the appeal was dismissed. Case-Laws Income Tax Wed, 30 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56228