Held that the\u00a0 excess interest charged by Bank cannot be said to be an expenditure incurred for the purpose of business.\u00a0 Disallowance was restricted to the extent of the amount claimed as deduction during the year. However the\u00a0 disallowance was restricted to the extent of the amount claimed as deduction during the year.\u00a0 Corporate guarantee commission\u00a0 allowable as deduction. The fact that the it was converted in to equity share capital by State Government did not change the character of the expenditure.\u00a0\u00a0\u00a0 (AY. 2019-20)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 37(1) : Business expenditure-Excess interest charged by Bank-Not allowable as deduction-Disallowance was restricted to the extent of the amount claimed as deduction during the year.-Corporate guarantee commission allowable as deduction. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-35833","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9jX","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=35833"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35833\/revisions"}],"predecessor-version":[{"id":35834,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/35833\/revisions\/35834"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=35833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=35833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=35833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}