Commissioner Of Income Tax vs Warner Hindustan Ltd.

Whether advance tax paid in excess constitutes an asset/debt due to the assessee on the first day of the assessment year for computing capital employed under Rule 19A(3) --- Held Yes; Whether technical fees paid to a foreign company are revenue expenditure --- Held Tribunal's view prima facie correct but remanded for reconsideration; Whether borrowed monies and debts due must mean borrowed monies and debts due and payable under Rule 19A(3) --- Held Tribunal justified.