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 w .....

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..... ank. The High Court followed its earlier decision in Sivakami Mills Ltd. v. CIT [1979] 120 ITR 211 and answered the question in favour of the assessee. It was held that both the payments are of revenue nature. We have dismissed the appeal preferred against the decision of the High Court rendered in Sivakami Mills Ltd. [1979] 120 ITR 211 in Civil Appeal No. 6488 of 1983. In view of the said decisio .....

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