https://www.taxtmi.com/caselaws?id=36929 Statutory interest under the U.P. Sugarcane (Purchase Tax) Act and damages for delayed provident fund payment were held not deductible as business expenditure under the Income-tax Act, following earlier binding precedent; the claim failed. By contrast, guarantee commission paid to directors for standing surety on a bank loan was treated as commercially incurred for the business and within the permissible statutory limit, so the deduction was allowed. en-us Wed, 31 Oct 1979 00:00:00 +0530 Thu, 25 Mar 2010 14:15:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36929 Statutory interest under the U.P. Sugarcane (Purchase Tax) Act and damages for delayed provident fund payment were held not deductible as business expenditure under the Income-tax Act, following earlier binding precedent; the claim failed. By contrast, guarantee commission paid to directors for standing surety on a bank loan was treated as commercially incurred for the business and within the permissible statutory limit, so the deduction was allowed. Case-Laws Income Tax Wed, 31 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36929