High Court directs Tribunal on bank guarantee treatment

The High Court of Madras directed the Tribunal to refer a question of law regarding the treatment of bank guarantee commission as part of the cost of capital assets for the opinion of the court under the Income-tax Act, 1961. This decision was made in response to a tax case petition, following a previous Supreme Court ruling and grant of special leave in a similar case. The tax case petition was ordered accordingly.

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The High Court of Madras directed the Tribunal to refer a question of law regarding the treatment of bank guarantee commission as part of the cost of capital assets for the opinion of the court under the Income-tax Act, 1961. This decision was made in response to a tax case petition. The court's decision was based on a previous Supreme Court ruling and the grant of special leave in a similar case. The tax case petition was ordered accordingly.

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