https://www.taxtmi.com/caselaws?id=15020 Expenditure incurred on a credit guarantee obtained to secure repayment of a loan used to discharge estate duty liability was treated as revenue expenditure and therefore deductible. The Madras HC followed its earlier decision on the same question and held that the guarantee cost was laid out on revenue account, as it was incurred in connection with financing the liability payment rather than acquiring a capital asset. The issue was answered in favour of the assessee, and the deduction was allowed. en-us Wed, 26 Jun 1996 00:00:00 +0530 Mon, 27 Jul 2009 16:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15020 Expenditure incurred on a credit guarantee obtained to secure repayment of a loan used to discharge estate duty liability was treated as revenue expenditure and therefore deductible. The Madras HC followed its earlier decision on the same question and held that the guarantee cost was laid out on revenue account, as it was incurred in connection with financing the liability payment rather than acquiring a capital asset. The issue was answered in favour of the assessee, and the deduction was allowed. Case-Laws Income Tax Wed, 26 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15020