1984 (7) TMI 206 - AT - Income Tax

Summary

The ITAT Madras-C upheld the Commissioner (A)'s decision that guarantee commission is revenue expenditure, following a Madras High Court decision. Also, the ITAT ruled that Central subsidy received by the assessee should not be deducted from the actual cost of assets for depreciation, based on a Special Bench decision. The department's appeal was dismissed.