1995 (3) TMI 6

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..... ORDER These appeals are preferred against the judgment of the Calcutta High Court (see [1978] 112 ITR 1025) Answering the question referred to it in the affirmative, i.e., in favour of the assessee and against the Revenue. The question referred was (at page 1026) : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 2,97,480 .....

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..... riod of ten years, it can be terminated earlier as provided in clause 23. Therefore, it cannot be said that the Indian company has incurred the expenditure for the purposes Of bringing into existence any asset or advantage of an enduring nature. It must also be held that this expenditure is not a capital but a revenue expenditure, for it was incurred by the Indian company for running its business .....

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