https://www.taxtmi.com/caselaws?id=410339 The Appellate Tribunal ITAT Ahmedabad upheld the CIT(A)'s decision in the Revenue's appeal, ruling in favor of the assessee regarding the disallowance of guarantee fees paid to the Government of Gujarat as revenue expenditure. The Tribunal emphasized the revenue nature of the expenditure, stating that it did not result in the acquisition of any new asset. In the assessee's appeal on the disallowance of prior period expenses, the Tribunal remanded the issue back to the Assessing Officer for further examination, considering the revenue neutrality of the claim. The judgments were detailed, supported by legal principles and precedents. en-us Tue, 20 Jul 2021 00:00:00 +0530 Fri, 30 Jul 2021 09:09:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410339 The Appellate Tribunal ITAT Ahmedabad upheld the CIT(A)'s decision in the Revenue's appeal, ruling in favor of the assessee regarding the disallowance of guarantee fees paid to the Government of Gujarat as revenue expenditure. The Tribunal emphasized the revenue nature of the expenditure, stating that it did not result in the acquisition of any new asset. In the assessee's appeal on the disallowance of prior period expenses, the Tribunal remanded the issue back to the Assessing Officer for further examination, considering the revenue neutrality of the claim. The judgments were detailed, supported by legal principles and precedents. Case-Laws Income Tax Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410339