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2005 (3) TMI 61 - HC - Income TaxExpenditure – section 37 - payment of royalty by the assessee-company to M/s. GTC Industries Ltd. - Tribunal has recorded a finding that the right acquired by the assessee was not exclusive and that too was for a limited period and which too could be terminated earlier within the period of the agreement and payment was dependant on the quantum of the items manufactured. In view of these findings the Tribunal has rightly concluded that the payments towards royalty was nothing but a revenue expenditure and was allowable deduction.
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