Guarantee Commission Paid for Acquisition of Fixed Assets – Allowable as Revenue Expenditure

CA Isha Seth Relevant Sections: Section 37(1): (1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head “Profits and gains of business or profession“. [RELEVANT EXTRACT – EMPHASIS ADDED] Section 40(a)(ia):  Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall ...