https://www.taxtmi.com/caselaws?id=212022 The High Court held that the guarantee commission paid to the Chairman was not a lawful expenditure but a means to divert income, setting aside the Tribunal's decision and restoring the assessment authority's ruling to disallow the expenditure. The Court found that the Chairman's guarantees were not genuine and were used to divert company income, ultimately ruling in favor of the Revenue and against the assessee. en-us Sat, 15 Oct 2011 00:00:00 +0530 Thu, 16 Feb 2012 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212022 The High Court held that the guarantee commission paid to the Chairman was not a lawful expenditure but a means to divert income, setting aside the Tribunal's decision and restoring the assessment authority's ruling to disallow the expenditure. The Court found that the Chairman's guarantees were not genuine and were used to divert company income, ultimately ruling in favor of the Revenue and against the assessee. Case-Laws Income Tax Sat, 15 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212022