https://www.taxtmi.com/caselaws?id=37639 Guarantee commission paid to directors and substantial shareholders was examined on the basis of commercial justification and business necessity, and the note states that such payment was treated as allowable where it was linked to personal guarantees for banking facilities. Commission on sugar sales to agents and interest on arrears of sugarcane purchase tax were discussed as deductions governed by binding precedent, with the latter noted as not allowable. Contributions to a political party and an employee's election expenses were treated as non-deductible for want of business nexus. Extra shift depreciation was explained as being computed at 100% of normal depreciation for the year, without regard to the actual number of days of extra shift working. 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 was examined on the basis of commercial justification and business necessity, and the note states that such payment was treated as allowable where it was linked to personal guarantees for banking facilities. Commission on sugar sales to agents and interest on arrears of sugarcane purchase tax were discussed as deductions governed by binding precedent, with the latter noted as not allowable. Contributions to a political party and an employee's election expenses were treated as non-deductible for want of business nexus. Extra shift depreciation was explained as being computed at 100% of normal depreciation for the year, without regard to the actual number of days of extra shift working. Case-Laws Income Tax Fri, 01 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37639