Working Capital Fund
This query is : Resolved
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...
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...
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.
Message likes :
1 times
09 January 2011
Thanks a lot Shailesh...
Can you refer any case laws or section to justify this?
Can you refer any case laws or section to justify this?
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