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2017 (7) TMI 1008 - GUJARAT HIGH COURTDenying the benefits of sections 11 and 12 - assessee had transferred the Fresh Frozen Plasma Units to its sister concern at a rate lower than the market rate - Held that:- The Tribunal reversed the decision of the Revenue authorities inter alia on the grounds that for number of years, there was no such instance of sale of the units to the sister concern at a reduced rate, the number of units represent a small portion of the total turnover, that such activity was discontinued in later years and most importantly, the said sister concern had advanced unsecured interest free loans of more than ₹ 3 crores over a long period of time. The Tribunal also accepted the assessee's explanation that shelf life of such product was extremely short and there were no immediate takers in the market. It was noticed that in certain cases, due to such reasons, the unit has sold to the other blood banks at the same rate. The Tribunal noted that the sister concern i.e. Celestial Biologicals Limited had provided for unsecured loan to the tune of ₹ 3.43 crores since the financial year 2003-04. Even going by moderate notional interest, the accumulated interest on loan till 31.03.2009 would reach ₹ 2.51 cores. No interest was charged by Calestial Biological Limited. The considerations of the Tribunal are based on facts and evidence on record. No question of law arises. - Decided against revenue
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