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<h1>SC dismisses Special Leave Petitions; pending applications disposed.</h1> The SC dismissed the Special Leave Petitions, and pending applications were disposed of accordingly. - 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 would not constitute a lawful expenditure so as to claim deduction under Section 37 of the Act. - Decided against the assessee The Supreme Court dismissed the Special Leave Petitions. Pending applications were disposed of accordingly.
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