https://www.taxtmi.com/caselaws?id=378415 The Court dismissed the Revenue's appeal challenging an Income Tax Appellate Tribunal decision that allowed an Assessee Company to debit Rs. 90 lakhs as 'General Expenses' for a corporate guarantee given to a sister concern. The Tribunal accepted the claim, considering the sister concern as a subsidiary of the Assessee. Citing a similar precedent, the Court affirmed the Tribunal's decision, finding the circumstances aligned with established legal principles. As there was no dispute on the transaction's nature and the companies' relationship, the Court concluded that there was no basis for interference, leading to the dismissal of the Revenue's appeal. en-us Tue, 19 Feb 2019 00:00:00 +0530 Mon, 15 Apr 2019 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378415 The Court dismissed the Revenue's appeal challenging an Income Tax Appellate Tribunal decision that allowed an Assessee Company to debit Rs. 90 lakhs as 'General Expenses' for a corporate guarantee given to a sister concern. The Tribunal accepted the claim, considering the sister concern as a subsidiary of the Assessee. Citing a similar precedent, the Court affirmed the Tribunal's decision, finding the circumstances aligned with established legal principles. As there was no dispute on the transaction's nature and the companies' relationship, the Court concluded that there was no basis for interference, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 19 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378415