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1994 (7) TMI 24 - HC - Income TaxExtract: ....... 1992, and it has been held that the expenditure incurred is of capital nature. In these circumstances, we are of the view that the Tribunal was justified in holding that the development charges paid to the RIICO are capital expenditure. Consequently, the reference is answered in favour of the Revenue and against the assessee. No order as to costs.
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