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of <h1>Supreme Court upholds tax assessment on interest for deferred payments and bank guarantee commission, following identical precedent</h1> SC dismissed the assessee's appeal concerning tax treatment of interest on deferred payments and guarantee commission paid to a bank. Relying on its ... Interest on deferred payment and Guarantee commission paid to the bank - HELD THAT:- We have dismissed the appeal preferred against the decision of the High Court rendered in Sivakami Mills Ltd. [1979 (2) TMI 51 - MADRAS HIGH COURT]. Thus, this appeal is also dismissed. The Supreme Court dismissed the appeal regarding the deduction of guarantee commission as a revenue expenditure. The court held that the guarantee commission paid by the assessee is a revenue expenditure and allowable as a deduction in computing total income. The appeal was dismissed based on previous decisions.
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