https://www.taxtmi.com/caselaws?id=21294 HC held that commission paid to a bank for furnishing a guarantee to secure payment of income tax is analogous to interest on delayed tax and is not deductible u/s 37. Expenditure on long-overdue repairs and renovation of the administrative block was not "current repairs" u/s 30(a)(ii), being capital in nature, though depreciation was directed to be allowed if otherwise admissible. Enhanced liability on imported machinery due to exchange fluctuation could not be added to "actual cost" for computing development rebate. However, modest expenditure incurred on business guests was held not to be "entertainment expenditure," and was allowable in favour of the assessee. en-us Fri, 23 Oct 1992 00:00:00 +0530 Thu, 11 Dec 2025 19:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21294 HC held that commission paid to a bank for furnishing a guarantee to secure payment of income tax is analogous to interest on delayed tax and is not deductible u/s 37. Expenditure on long-overdue repairs and renovation of the administrative block was not "current repairs" u/s 30(a)(ii), being capital in nature, though depreciation was directed to be allowed if otherwise admissible. Enhanced liability on imported machinery due to exchange fluctuation could not be added to "actual cost" for computing development rebate. However, modest expenditure incurred on business guests was held not to be "entertainment expenditure," and was allowable in favour of the assessee. Case-Laws Income Tax Fri, 23 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21294