Loss incurred on floating subsidiary in foreign co. to acquire another co. to be allowed as deduction u/s 37: ITAT

INCOME TAX : Where assessee-company, engaged in business of refilling/processing of refrigerant hydro fluorocarbons gases, on failure to acquire a Singapore entity through its wholly owned subsidiary (WOS) had incurred loss towards expenditure made on said failed acquisition and corporate guarantee given towards loans taken by WOS has been invoked, since investment was made by assessee to make its business more profitable and to facilitate import of gases,INCOME TAX : Where assessee-company, engaged in business of refilling/processing of refrigerant hydro fluorocarbons gases, on failure to acquire a Singapore entity through its wholly owned subsidiary (WOS) had incurred loss towards expenditure made on said failed acquisition and corporate guarantee given towards loans taken by WOS has been invoked, since investment was made by assessee to make its business more profitable and to facilitate import of gases,www.taxmann.com Latest Case LawsRead More

Leave a Reply