1999 (12) TMI 26

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....Income-tax, Baroda, reference is made by the Tribunal raising the following question of law as under : "Whether, on the facts and in the circumstances of the case and in law the Tribunal was right in coming to the conclusion that the payment made towards royalty to the collaborators was an allowable revenue expenditure ?" The assessee, carrying on business of manufacturing various types of m....

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....he amount of Rs. 79,916 as revenue expenditure. The Tribunal on the facts found that in the original agreement there was no renewal clause and the documents, that is to say, the technical know-how was required to be returned to the collaborators. However, in view of the later agreement for which no extra payment was to be made, the assessee was entitled to retain the technical know-how. The Tribun....