https://www.taxtmi.com/caselaws?id=62511 A statutory financial corporation's separate provident fund, maintained under its own approved regulations, was treated as outside mechanical application of the general disallowance rules because no breach of the special scheme was shown. Interest, commitment charges, and interest on loan in lieu of share capital paid to IDBI were allowed on the basis that the amounts were later reconciled, properly accounted for, and not disproved by the Revenue. Expenditure on brokerage, underwriting commission, and guarantee bond charges for issuing bonds was treated as revenue expenditure, since it was incurred to raise business funds and did not create an enduring capital asset. en-us Thu, 17 Mar 2005 00:00:00 +0530 Thu, 20 Jan 2011 11:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62511 A statutory financial corporation's separate provident fund, maintained under its own approved regulations, was treated as outside mechanical application of the general disallowance rules because no breach of the special scheme was shown. Interest, commitment charges, and interest on loan in lieu of share capital paid to IDBI were allowed on the basis that the amounts were later reconciled, properly accounted for, and not disproved by the Revenue. Expenditure on brokerage, underwriting commission, and guarantee bond charges for issuing bonds was treated as revenue expenditure, since it was incurred to raise business funds and did not create an enduring capital asset. Case-Laws Income Tax Thu, 17 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62511