https://www.taxtmi.com/caselaws?id=67543 Commission and guarantee fees paid to raise funds through bonds were treated as revenue expenditure because the borrowing was for a limited period and did not permanently augment the capital base; the deduction was allowed subject to verification of the correct amount. A contribution to a gratuity fund was also allowed as a deduction where the approval application had remained pending for a long period and had not been expressly refused, with the contrary authorities distinguished on facts. The entertainment-expense issue was remitted for fresh consideration. en-us Tue, 30 Sep 1997 00:00:00 +0530 Fri, 11 Mar 2011 12:03:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67543 Commission and guarantee fees paid to raise funds through bonds were treated as revenue expenditure because the borrowing was for a limited period and did not permanently augment the capital base; the deduction was allowed subject to verification of the correct amount. A contribution to a gratuity fund was also allowed as a deduction where the approval application had remained pending for a long period and had not been expressly refused, with the contrary authorities distinguished on facts. The entertainment-expense issue was remitted for fresh consideration. Case-Laws Income Tax Tue, 30 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67543