Supreme Court of India
Deputy Commissioner, Income Tax, Baroda v. Gujarat Alkalies & Chemicals Ltd.
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From the headnote
Income Tax Act, 1961: s. 36 (1 )(iii) and 37 - 'Commitment charges' on borrowed capital from a bank- Refinanced by foreign bank- Claim of, as deduction under s. 36 (1 )(iii) - Held: Allowed as deduction uls 37 and not uls 36 (1 )(iii) of the Act. -o s. 36 (1 )(iii) - 'Finance charges' on borrowed capital - Nature of - Held: Is similar to payment of interest - Equated with commitment charges and treated as revenue expenditure - Hence, deductible uls 37 of the Act. Words and Phrases: 'Commitment charges' - Meaning of The questions which arose for consideration in these appeals were as to
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