1991 (10) TMI 100 - AT - Income Tax

Summary

The ITAT Jabalpur allowed the appeal of the assessee against the disallowance of royalty payment for quarrying lime stone. The Tribunal held that royalty payment is a contractual consideration for goods extracted, not a tax or duty, and thus not covered by Section 43B. The disallowance was deleted, and the assessee's claim was allowed.