1995 (3) TMI 6

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..... ffirmative, 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 paid by the assessee to the British Oxygen Co. Ltd., London, in pursuance of the agreement dated October 1, 1959, was a permissible deduction under section 37(1) .....

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..... urposes 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 or working it with a view to produce profits." We are of the opinion that the said understanding of the agreement is correct. Once it is so, the amount paid by the .....

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