Expense on Valuation of Know-How allowable under section 37(1)

M/s. Theis Precision Steel India Private Limited Vs ITO (ITAT Mumbai) From perusal of Section 37 of the Act, we find that all expenditure incurred in the course of business of the assessee is allowable except personal expenditure and capital expenditure. Admittedly, professional fee has been paid for valuation of know-how of business and, therefore, the same is not in the nature of personal expenditure. Now, we need to determine whether the expenditure incurred for valuation of know-how can be treated as in capital In this regard, we find that to term the expenditure as capital expenditure we ...