https://www.taxtmi.com/caselaws?id=17318 The High Court dismissed ITC Nos. 40 and 48 of 1995 and partially allowed ITC No. 57 of 1995. The Tribunal's decision in favor of the assessee regarding the change in the method of valuation of closing stock was upheld. The High Court affirmed the admissibility of guarantee commission as revenue expenditure and the valuation of opening stock on a direct cost basis. The issue of the application of Rule 6D for the disallowance of expenditure on tours was referred to the High Court for opinion. en-us Fri, 16 Jan 1998 00:00:00 +0530 Mon, 21 Sep 2009 15:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17318 The High Court dismissed ITC Nos. 40 and 48 of 1995 and partially allowed ITC No. 57 of 1995. The Tribunal's decision in favor of the assessee regarding the change in the method of valuation of closing stock was upheld. The High Court affirmed the admissibility of guarantee commission as revenue expenditure and the valuation of opening stock on a direct cost basis. The issue of the application of Rule 6D for the disallowance of expenditure on tours was referred to the High Court for opinion. Case-Laws Income Tax Fri, 16 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17318