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Corporate Guarantee

This query is : Resolved 
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(Querist)
01 September 2010 Whether amount expended for discharge of Corporate Gurantee obligation given to bank for one of its group Companies( Nature of Business in both the companies are different)whether allowable under Income Tax Act.
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CA L Gopal Shah

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CA L Gopal Shah (Expert)
02 September 2010 Hi Shalini

No it will not be allowable
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