https://www.taxtmi.com/caselaws?id=17835 The court ruled in favor of the assessee, stating that the amount received from MMTC cannot be considered as income. Additionally, the court held that the guarantee commission paid is an admissible revenue expenditure, emphasizing that it was not for acquiring an asset but for securing a loan, making it a revenue expense rather than capital in nature. The court referred to previous judgments and the Supreme Court decision in Challapalli Sugars Ltd. v. CIT [1975] 98 ITR 167 to support its conclusion. en-us Wed, 10 Jan 1996 00:00:00 +0530 Fri, 25 Sep 2009 11:28:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17835 The court ruled in favor of the assessee, stating that the amount received from MMTC cannot be considered as income. Additionally, the court held that the guarantee commission paid is an admissible revenue expenditure, emphasizing that it was not for acquiring an asset but for securing a loan, making it a revenue expense rather than capital in nature. The court referred to previous judgments and the Supreme Court decision in Challapalli Sugars Ltd. v. CIT [1975] 98 ITR 167 to support its conclusion. Case-Laws Income Tax Wed, 10 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17835