1997 (2) TMI 13

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.... Advocate JUDGMENT Heard learned counsel for the parties. The short question that arises for our consideration in this appeal is whether the guarantee commission paid by the assessee is a revenue expenditure and hence allowable as deduction in computing the total income in the assessment year 1968-69. The High Court answered the question in favour of the assessee (see [1979] 120 ITR 211). It wa....