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2017 (1) TMI 823 - SUPREME COURT

2017 (1) TMI 823 - SUPREME COURT - TMI - Guarantee commission - allowable business expenditure u/s 37 - Held that:- The Special Leave Petitions are dismissed. HC order [2011 (10) TMI 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 .....

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