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2003 (8) TMI 22 - HC - Income TaxApplicability of section 194C(2) – Contract between assessee and its sister concern - Whether the Tribunal was right in law in holding that no consideration was paid and there was no contract and as such the provisions of section 194C(2) of the Income tax Act, 1961, could not come into play? - Once a finding has been recorded that there was no contract between the assessee and its sister concerns, there shall be no applicability of section 194C(2) of the 1961 Act. The particular question in the present case appears to be a question of fact. Once we are upholding the findings recorded by the Income tax Appellate Tribunal, no question of law as framed in these cases arise. – Appeal of Revenue is dismissed
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