Payment of Subscription or membership fee to club on behalf of employees is deductible exp.

INCOME TAX : Where assessee as a guarantor of its JV company GPEL, had to pay certain amount to banks and financial institutions as one time settlement on account of inability of GPEL to pay off its debts, since truthfulness of entries was not doubted and it was not a case of syphoning of money through fictitious entries, assessee's claim for business loss in respect of amount paid was to be allowed

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