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<h1>Deductibility of Guarantee Commission for Machinery Acquisition and Tax Stay under Income-tax Act</h1> The High Court of Madras ruled that guarantee commission paid for acquiring machinery and for a tax stay is deductible under section 37 of the Income-tax ... Business Expenditure The High Court of Madras held that guarantee commission paid for acquiring machinery and for stay of tax is an admissible deduction under section 37 of the Income-tax Act, 1961. The commission paid for importing machinery and for complying with a condition for stay of tax is considered a revenue liability. The judgment was in favor of the assessee.
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