Guarantee Fees Allowed as Revenue Expenditure After AO Verifies No Capital Work-in-Progress for Related Loans.

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Full Text of the Document

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....Nature of expenditure - claim of guarantee fees - The guarantee fees is directed to be allowed as revenue expenditure, subject to verification by the AO of the certificate filed during the appellate proceedings i.e. there was no capital work-in-progress in respect of loans on which guarantee fees was paid. - AT....