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1992 (10) TMI 10 - HC - Income TaxExtract: .......in the capital field. Therefore, we are of the view that the Income-tax Appellate Tribunal was justified in coming to the conclusion that the development charges paid by the assessee is an expenditure of capital nature and is not allowable. Accordingly, we answer the reference in favour of the Revenue and against the assessee. No order as to costs.
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