State of Orissa and ors. Vs. Jagannath Industries and anr. - Court Judgment

Excerpt:
- income tax act,1961[c.a.no.43/1961] -- section 36 (1)(iii): [b.p. jeevan reddy & k.s. paripoornan,jj] business expenditure guarantee commission paid to banker and insurer for standing guarantee for purchase of machinery on deferred payment basis amounts to revenue expenditure.orderwe have heard learned counsel. we are of the view that no interference in the facts and circumstances of the case is required. the question of law is left open for decision in an appropriate case. the appeals arc dismissed, with no order as to costs.

Judgment:
ORDER

We have heard learned counsel. We are of the view that no interference in the facts and circumstances of the case is required. The question of law is left open for decision in an appropriate case. The appeals arc dismissed, with no order as to costs.