High Court Rules Business Expenditure on Subsidiary Advances is Allowable Due to Close Business Ties with Assessee.

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....Allowable business expenditure/commercial expediency - Considering that the expenditure was in the nature of moneys advanced to the subsidiaries, it cannot be said that there is no intimate connection between the Assessee and the two subsidiaries as far as the business activities are concerned. - Claim cannot be denied - HC....