https://www.taxtmi.com/caselaws?id=16915 The court held that the guarantee commission paid by the assessee for securing timely repayment of the deferred credit facility for buying machinery in its running business is a revenue expenditure. The Tribunal's decision to treat it as capital expenditure was deemed a manifest error of law. The question was answered in the negative, in favor of the assessee and against the Revenue. The reference was disposed of with no order as to costs. en-us Wed, 23 Jul 1997 00:00:00 +0530 Mon, 14 Sep 2009 10:46:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16915 The court held that the guarantee commission paid by the assessee for securing timely repayment of the deferred credit facility for buying machinery in its running business is a revenue expenditure. The Tribunal's decision to treat it as capital expenditure was deemed a manifest error of law. The question was answered in the negative, in favor of the assessee and against the Revenue. The reference was disposed of with no order as to costs. Case-Laws Income Tax Wed, 23 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16915