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1987 (2) TMI 14 - HC - Income TaxExtract: .......regarded Rs. 80,000 as adequate consideration towards their share of goodwill. Therefore, we have no hesitation in holding that the expenditure of Rs. 80,000 is capital in nature and the Tribunal has committed an error of law in treating it as revenue expenditure. The question is answered in favour of the Revenue and against the assessee. No costs.
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