1999 (8) TMI 4 - SCH - Income Tax

Whether on the facts and in the circumstances of the case the Tribunal was right in law in holding that the payment on account of technical know-how amounting to Rs. 72, 91, 580 is allowable deduction as revenue expenditure - question of law definitely arose in this case we therefore allow this appeal direct the Tribunal to state the case and refer the above question of law to the High Court

Summary

The Supreme Court allowed the appeal and directed the Tribunal to refer the question of law regarding the deductibility of technical know-how payment as revenue expenditure under the Income-tax Act, 1961 to the High Court.