Is Payment to Retiring Partner Revenue or Capital Expenditure? Tax Authority's Conclusion Faces Legal Challenge.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Nature of expenditure - amount paid on retirement of partner - Allowable revenue expenditure or capital expenditure - CIT(A) without appreciating proper facts of the case went on to hold that the payment of money to the retiring partner is revenue expenditure. - Such findings cannot be accepted in the eyes of law. - AT....