https://www.taxtmi.com/caselaws?id=277075 A write-off in a holding company's trading account was held not deductible because it was made to support a subsidiary's business and relieve its deficit, rather than being wholly and exclusively referable to the taxpayer's own trade. The court treated the holding company and subsidiary as separate taxable persons and applied the rule denying allowance for expenditure not laid out solely for the purposes of the taxpayer's trade. The deduction therefore failed and the amount could not be brought into computing trading profits. en-us Wed, 08 May 1940 00:00:00 +0530 Fri, 23 Nov 2018 16:54:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277075 A write-off in a holding company's trading account was held not deductible because it was made to support a subsidiary's business and relieve its deficit, rather than being wholly and exclusively referable to the taxpayer's own trade. The court treated the holding company and subsidiary as separate taxable persons and applied the rule denying allowance for expenditure not laid out solely for the purposes of the taxpayer's trade. The deduction therefore failed and the amount could not be brought into computing trading profits. Case-Laws Income Tax Wed, 08 May 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277075