1979 (7) TMI 150 - AT - Income Tax

Summary

The appeals by the Revenue related to asst. yrs. 1973-74 and 1974-75 were consolidated and disposed of. The Tribunal upheld the disallowance of 1/4th amount paid to the foreign collaborator as revenue expenditure. The claim under s. 80J for units at Ghaziabad and Nagpur was allowed. The treatment of liabilities in the computation of capital employed was upheld. The appeals were dismissed.