Guarantor Expenses Denied: One-Time Settlement Charges Not Allowable as Business Expenditure Under Income Tax Act Section 37(1.

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....Business expenditure - allow-ability u/s 37(1)- The assessee also failed to prove that they had got any benefit for becoming a guarantor of the said company. Therefore, one-time settlement charges paid to banks is not an allowable expenditure under section 37 of the Income Tax Act - Decided against assessee. - AT....