1998 (11) TMI 49

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t the instance of the revenue is : "Whether, the sum of Rs. 80,000 out of Rs. 5,05,682 being the income-tax payable by the non-resident is entitled to be treated as cost of the plant and machinery, thus becoming eligible for depreciation and investment allowance ?" The assessment year is 1981-82. The assessee claimed that the amount of income-tax paid by the assessee in respect of the consid....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....plied to the assessee constitutes tools for carrying on the business of the assessee and forms part of the capital assets and therefore depreciation and development rebate was allowable on the amount paid to the foreign collaborator. The revenue has not produced before us the terms of the agreement entered into between the collaborator and the assessee and we must therefore accept what has been st....