1994 (7) TMI 1 - SC - Income Tax

Profits payable to foreign collaborator were adjusted against shares purchased from him - Once the finding is given by the Tribunal as finding of fact, namely, that the amount in dispute was really relatable to acquisition of a capital asset, the question of conversion to revenue expenditure does not arise

Summary

The Supreme Court dismissed the appeals as the expenditure in dispute was found to be related to the acquisition of a capital asset. The question framed by the Tribunal was not relevant to the case, and the appeals were therefore dismissed. Each party was directed to bear their own costs.