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<h1>Delhi HC Allows Deduction of Guarantee Commission & Interest on Arrears for Tax Assessment</h1> The Delhi HC held that guarantee commission and interest on arrears of tax were deductible for the assessment year 1971-72 in computing the assessee's ... Business Expenditure, Sugar Manufacture, Cane Purchase Tax The Delhi High Court ruled on two questions regarding deduction of guarantee commission and interest on arrears of tax for the assessment year 1971-72. The court held that both payments were allowable as deductions in computing the assessee's taxable income, following precedents set by previous court decisions. The reference was disposed of in favor of the assessee and against the Revenue.
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