1997 (2) TMI 13

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..... For the Appellant : B. Krishna Prasad, Advocate For the Respondent : Mrs. Janki Ramachandran, Advocate JUDGMENT Heard learned counsel for the parties. The short question that arises for our consideration in this appeal is whether the guarantee commission paid by the assessee is a revenue expenditure and hence allowable as deduction in computing the total income in the asses .....

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..... 1995 : The question is regarding the deduction of interest on deferred payment and guarantee commission paid to the bank. The High Court followed its earlier decision in Sivakami Mills Ltd. v. CIT [1979] 120 ITR 211 and answered the question in favour of the assessee. It was held that both the payments are of revenue nature. We have dismissed the appeal preferred against the decision of the Hi .....

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