9911796707
TMI Blog2000 (2) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... charges paid by the assessee to the financial institutions are deductible as a revenue expenditure. In the case of India Cements Ltd. v. CIT [1966] 60 ITR 52, the Supreme Court has laid down that the act of borrowing was incidental to the carrying on of business, the loan obtained was not an asset or an advantage of enduring nature and, therefore, the expenditure made for securing the use of mone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the company. Applying the said judgment to the facts of the present case, the Tribunal has found that in the present matter, additional gratuity was paid to monthly wage earners (employees) and that even for the past assessment years, the Department has allowed deduction in respect of additional gratuity paid to such employees. Under the above circumstances, the appeal stands dismissed as no su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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