https://www.taxtmi.com/caselaws?id=37639 Guarantee commission paid to directors and substantial shareholders for personal guarantees supporting cash-credit facilities was treated as commercially justified, non-excessive business expenditure allowable under section 40(c). Sales commission paid to sugar agents was not admissible under binding precedent. Interest on arrears of sugarcane purchase tax was not deductible, following the applicable Full Bench ruling. Political-party contributions and an employee's election expenses lacked a direct business nexus and were disallowed. Extra-shift depreciation was allowable at 100% of normal depreciation for double or triple shift working, without regard to the actual number of extra-shift days. en-us Fri, 01 Dec 1978 00:00:00 +0530 Wed, 31 Mar 2010 11:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37639 Guarantee commission paid to directors and substantial shareholders for personal guarantees supporting cash-credit facilities was treated as commercially justified, non-excessive business expenditure allowable under section 40(c). Sales commission paid to sugar agents was not admissible under binding precedent. Interest on arrears of sugarcane purchase tax was not deductible, following the applicable Full Bench ruling. Political-party contributions and an employee's election expenses lacked a direct business nexus and were disallowed. Extra-shift depreciation was allowable at 100% of normal depreciation for double or triple shift working, without regard to the actual number of extra-shift days. Case-Laws Income Tax Fri, 01 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37639