https://www.taxtmi.com/caselaws?id=3407 The High Court held that the guarantee commission paid by the company for deferred payment constituted revenue expenditure, allowing the deduction claim. The exchange loss amount question was not pursued due to its insignificance. The High Court denied the claim for a specific amount as subsequent events revealed the demand had been quashed, and no tax liability existed, thus the assessee was not entitled to any relief. The judgment in Kedarnath Jute Manufacturing Co. was deemed inapplicable, resulting in the denial of relief to the assessee. en-us Wed, 23 Aug 2006 00:00:00 +0530 Mon, 28 Jul 2008 19:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3407 The High Court held that the guarantee commission paid by the company for deferred payment constituted revenue expenditure, allowing the deduction claim. The exchange loss amount question was not pursued due to its insignificance. The High Court denied the claim for a specific amount as subsequent events revealed the demand had been quashed, and no tax liability existed, thus the assessee was not entitled to any relief. The judgment in Kedarnath Jute Manufacturing Co. was deemed inapplicable, resulting in the denial of relief to the assessee. Case-Laws Income Tax Wed, 23 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3407