The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the settlement payment of corporate guarantee given to subsidiary – allowable as business expenditure under section 37(1) of the Income-tax Act. The bench of Satbeer Singh Godara (Judicial Member) and Naveen Chandra (Accountant Member) has allowed the deduction of ₹47.64 crore incurred…
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