9911796707
TMI Blog2015 (1) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing substantial question of law. Whether the Appellate Authorities were correct in holding that royalty payments made for transfer of technical know how for manufacturing process in engineering input scientific and practical information and formula research data design and manufacturing procedure know how raw material data expertise specifications for designing and manufacturing et to Herbalife International Incorporate cannot be treated as capital in nature to the extent of 25% as held by the Apex Court in 232 ITC 359? 3. The assessee has claimed expenses of Rs. 1,62,37,158/- on account of royalty paid towards M/s. Herbalife International Inc. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the revenue is before this Court. 5. We have heard the learned counsel for the parties. 6. Clause 6.2 of the License and the Technical Assistance agreement reads as under: 6.2: Ownership of Materials: Licensee expressly acknowledges and agrees that, except as specifically provided in this Agreement, at no time shall it acquire or retain, or appropriate for its own use, any right, title or interest in or to any Technical Information. All files, lists, records, documents, drawings and specifications which incorporate or refer to all or a portion of the Technical Information shall remain the sole property of Licensor. Such materials shall be promptly returned (a) upon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f creditors, if such proceedings are not terminated or discharged within thirty days; or (c) Upon a substantial change of management or ownership of Licensee or upon the acquisition of direct or indirect control of Licensee by any person which manufactures or markets products competing or likely to compete with the Products. 7.3: Cure Period. If either party shall commit any breach or be in default of its duties and obligations under this Agreement, other than those set forth in Section 7.2(a), the non-breaching party shall give to the breaching party written notice of such breach or default and shall request that such breach or default be cured. If the breaching party shall fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
