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2019 (4) TMI 859 - KERALA HIGH COURTAllowability of bank guarantee - guarantee given in favour of a sister concern, which was enforced the Bank - expenditure incurred in carrying on the business - HELD THAT:- There is no case for the Revenue, that M/s Universal Steel and Alloys Limited is not a sister concern of the Assessee Company and since there is no dispute with regard to the loan procured from the financier offering bank guarantee and also as to the loss sustained (leading to have the debt written off), we find that the issue is covered by the dictum laid down in AMALGAMATIONS PVT. LIMITED [1997 (4) TMI 8 - SUPREME COURT] - Decided against revenue.
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