2002 (1) TMI 50 - HC - Income Tax

Summary

The High Court of Punjab and Haryana upheld the Tribunal's decision that the annual lease payment of Rs.5,000 by the assessee was in lieu of the transfer of assets and not goodwill, making it an allowable expense. The court found no evidence to support the Revenue's argument against this decision. The Tribunal's view was considered reasonable and not in violation of the law.