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Working Capital Fund

This query is : Resolved 
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(Querist)
09 January 2011 Whether amount received by Branch office from Head Office for working capital requirement is allowable under income tax act or not?

As per assessing officer amount had received for revenue expenditure and would be a part of income(i.e. should be routed through P&L A/C)

Advise Me...
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
09 January 2011 Amount received from HO for WC is niether income nor exp. , It has to be shown in balance sheet as HO balance under liability.
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Nidhi Verma

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Nidhi Verma (Querist)
09 January 2011 Thanks a lot Shailesh...

Can you refer any case laws or section to justify this?
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