https://www.taxtmi.com/caselaws?id=439310 HC held that payments and advances made by the appellant to its group company MMC, including amounts converted into rehabilitation assistance and guarantees furnished to financial institutions under a BIFR-approved rehabilitation scheme, were incurred out of commercial expediency and were directly connected with the appellant's business. Such expenditure and the related irrecoverable debts were allowable as business expenditure/loss under s.28, notwithstanding that no claim was made under s.36(1)(vii). The nexus between the appellant and MMC as group entities and managing agents was undisputed. HC concluded that ITAT erred in disallowing the claims and allowed the appeal, directing deduction of the said amounts. en-us Fri, 09 Jun 2023 00:00:00 +0530 Tue, 16 Dec 2025 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439310 HC held that payments and advances made by the appellant to its group company MMC, including amounts converted into rehabilitation assistance and guarantees furnished to financial institutions under a BIFR-approved rehabilitation scheme, were incurred out of commercial expediency and were directly connected with the appellant's business. Such expenditure and the related irrecoverable debts were allowable as business expenditure/loss under s.28, notwithstanding that no claim was made under s.36(1)(vii). The nexus between the appellant and MMC as group entities and managing agents was undisputed. HC concluded that ITAT erred in disallowing the claims and allowed the appeal, directing deduction of the said amounts. Case-Laws Income Tax Fri, 09 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439310