1996 (6) TMI 2 - HC - Income Tax

Summary

The High Court of Madras ruled that the expenditure incurred on credit guarantee to ensure payment of a loan for estate duty liability should be allowed as a revenue expenditure, based on a previous decision. The court answered the question in the affirmative, against the Department, with no order as to costs. (Case citation: 1996 (6) TMI 2 - MADRAS High Court)