https://www.taxtmi.com/caselaws?id=57693 The Appellate Tribunal ruled in favor of the assessee, determining that the payment of Rs. 26 lakhs for technical know-how and collaboration agreement was a revenue expenditure, not a capital expenditure. The Tribunal allowed the deduction for depreciation and development rebate, as well as the Rs. 2,000 incurred in connection with the collaboration agreement, all to be treated as revenue expenditures. The Tribunal emphasized that the payment facilitated the existing business of manufacturing clocks and watches, leading to the modification of the assessment in favor of the assessee. en-us Wed, 16 Jan 1980 00:00:00 +0530 Mon, 13 Dec 2010 10:17:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57693 The Appellate Tribunal ruled in favor of the assessee, determining that the payment of Rs. 26 lakhs for technical know-how and collaboration agreement was a revenue expenditure, not a capital expenditure. The Tribunal allowed the deduction for depreciation and development rebate, as well as the Rs. 2,000 incurred in connection with the collaboration agreement, all to be treated as revenue expenditures. The Tribunal emphasized that the payment facilitated the existing business of manufacturing clocks and watches, leading to the modification of the assessment in favor of the assessee. Case-Laws Income Tax Wed, 16 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57693