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Business Advances to Subsidiary Deemed Bad Debts u/s 36(1)(vii) Allowable as Business Deduction.
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....Bad debts u/s. 36(1)(vii) - business advances given to subsidiary company which has become irrecoverable - the loss on account of non-payment of advance of subsidiary was a business loss in the assessee’s line of business and the same is allowable as a business reduction to the assessee. - AT....