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United Breweries Ltd Now United Brewarie Versus Commissioner of I. Tax And Another

Guarantee commission - allowable business expenditure u/s 37 - Held that:- The Special Leave Petitions are dismissed. HC order [2011 (10)443 - KARNATAKA HIGH COURT] confirmed. Guarantee commission expenditure incurred is not for the purpose of earning profits of the business. Merely because the banks insisted on such guarantee and the Managing Director agreed to stand as a guarantor on payment of such commission, the commission is actually paid. That would not constitute a lawful expenditure so .....

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