TMI Blog2014 (2) TMI 566X X X X Extracts X X X X X X X X Extracts X X X X ..... its other sister concern of Rs.28 crores - Since no details were brought on record to establish it, the Appellate Tribunal remitted the matter to the AO with the direction to the Assessment Officer to consider on the basis of evidence as may be furnished by the assessee as to whether the assessee for the assessment year 1990-1991 and 1991-1992 was having interest free advances, more than interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quoted hereunder:-. 1. Whether on the facts and circumstances of the case the Hon'ble Tribunal was justified in law in holding that the first proviso to sec. 145 (1) of the Act did not apply in the present case? 2. Whether, the Hon'ble ITAT was justified in law in holding that the entire deposit received by the respondent was a capital receipt when as per the terms and conditions of the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sister concerns/Partners/directors without appreciating that the respondent by not charging any interest on the amount due from them had abandoned/surrendered its income in their favour and its sister concerns/partners/directors was only a colourable device entered into by them to defraud the revenue. The appeals are related for the assessment year 1990-1991, 1991-1992 and the assessee at his o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of law discussed by this Court in the case as above. Once the point in question has already been determined the substantial question of law framed as No.1 2 cannot be said to be substantial question of law and those are determined accordingly. The assessee claimed interest free fund of Rs. 28 Crores which was more than interest free advance of Rs. 18.50 Crores lying with sister concern and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive interest free advances to its sister concern/partners/directors. Therefore, we are of the view that let the Assessment Officer take a decision accordingly. On the aforesaid backdrop we are of the view that it is not the stage to adjudicate upon the substantial question of law framed as question No. 5 6. In the aforesaid terms without expressing any opinion on the substantial question of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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