https://www.taxtmi.com/caselaws?id=38154 The High Court held that the expenses related to freight, bank commission, and bank guarantee incurred in the re-export of goods were allowable as revenue expenses. The court determined that the transaction was not speculative and the expenses were necessary for conducting the business, even if not entirely in accordance with the law. The court ruled in favor of the assessee, and each party was directed to bear their own costs. en-us Wed, 01 Feb 1978 00:00:00 +0530 Sat, 03 Apr 2010 14:03:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38154 The High Court held that the expenses related to freight, bank commission, and bank guarantee incurred in the re-export of goods were allowable as revenue expenses. The court determined that the transaction was not speculative and the expenses were necessary for conducting the business, even if not entirely in accordance with the law. The court ruled in favor of the assessee, and each party was directed to bear their own costs. Case-Laws Income Tax Wed, 01 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38154