https://www.taxtmi.com/caselaws?id=467862 A corporate guarantee payment made to protect business interests and settle a bank claim was treated as deductible business expenditure on commercial expediency. The Tribunal also noted that a revised return is permissible only where the statutory requirement of discovering an omission or wrong statement is met; a revision filed merely out of doubt does not qualify. Prior period expenses were allowed where the liability had crystallised during the year and the assessee had followed a consistent accounting practice. Freight and forwarding charges paid through a shipping agent were not disallowed for non-deduction of tax at source on the facts found, as the substantial amounts were reimbursements and the threshold requirement was not attracted. en-us Fri, 13 May 2011 00:00:00 +0530 Tue, 07 Apr 2026 17:16:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467862 A corporate guarantee payment made to protect business interests and settle a bank claim was treated as deductible business expenditure on commercial expediency. The Tribunal also noted that a revised return is permissible only where the statutory requirement of discovering an omission or wrong statement is met; a revision filed merely out of doubt does not qualify. Prior period expenses were allowed where the liability had crystallised during the year and the assessee had followed a consistent accounting practice. Freight and forwarding charges paid through a shipping agent were not disallowed for non-deduction of tax at source on the facts found, as the substantial amounts were reimbursements and the threshold requirement was not attracted. Case-Laws Income Tax Fri, 13 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467862