https://www.taxtmi.com/caselaws?id=333305 The High Court ruled in favor of the assessee, allowing the deduction of the guarantee fee under Section 37 of the Income Tax Act, following the Supreme Court's decision that guarantee commission is a revenue expense. Regarding the disallowance of expenses under Section 40(a)(ia) for failure to deduct tax at source, the High Court directed the Assessing Officer to verify the tax deduction and payment based on the challan provided by the assessee, emphasizing the importance of authenticating tax payments for expense allowances. en-us Thu, 29 Sep 2016 00:00:00 +0530 Fri, 18 Nov 2016 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333305 The High Court ruled in favor of the assessee, allowing the deduction of the guarantee fee under Section 37 of the Income Tax Act, following the Supreme Court's decision that guarantee commission is a revenue expense. Regarding the disallowance of expenses under Section 40(a)(ia) for failure to deduct tax at source, the High Court directed the Assessing Officer to verify the tax deduction and payment based on the challan provided by the assessee, emphasizing the importance of authenticating tax payments for expense allowances. Case-Laws Income Tax Thu, 29 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333305