Guarantee Fees paid to Govt of Gujarat in consideration of Guarantee issued by it for Repayment of Unsecured loan is Revenue Expenditure: ITAT [Read Order]

By Aparna. M - On September 10, 2023 2:30 pm - 2 mins read

Guarantee Fees - Fees - Repayment - Unsecured loan - Revenue Expenditure - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench held that guarantee fees paid to the government of Gujarat in consideration of guarantee issued by it for the repayment of unsecured loan is revenue expenditure. Assessee, Gujarat State Electricity Corporation Limited paid guarantee fee of Rs.5,69,35,000/- to the Govt. of Gujarat in consideration of guarantee issued…

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