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1946 (10) TMI 11 - HC - Income TaxExtract: .......the payment for goodwill was a necessary revenue expense of the company. In our judgment the sum paid to Bai Tarabai is an item of revenue expenditure and admissible for deduction under Section 10(2)(xii) of the Income-tax Act. Accordingly the first question referred to us must be answered in the negative and the second question in the affirmative.
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