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Allowability of advances written off - there is nexus between assessee’s business and advances given to the subsidiary which was also engaged in the hospitality industry was revenue in nature - Revenue should not sit in the shoes of businessmen and decide what is appropriate for the business of the assessee - Non-recovery thereof is liable to be allowed as revenue expenses
Allowability of advances written off - there is nexus between assessee’s business and advances given to the subsidiary which was also engaged in the hospitality industry was revenue in nature - Revenue should not sit in the shoes of businessmen and decide what is appropriate for the business of the assessee - Non-recovery thereof is liable to be allowed as revenue expenses
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
