TMI Blog2014 (5) TMI 232X X X X Extracts X X X X X X X X Extracts X X X X ..... the rate on which borrowings are made, cannot justify disallowance – thus, no substantial question of law arises for consideration – Decided against Revenue. - Income Tax Appeal No. 2229 of 2011 - - - Dated:- 15-4-2014 - S. C. Dharmadhikari And Girish S. Kulkarni,JJ. For the Petitioner : Mr. P. C. Chhotaray For the Respondent : Mr. U. D. Mistry ORDER P. C. 1. This appeal c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n assessment year 1998-1999. The manufacturer sold it to the sister company of the respondent from whom the respondent took back the windmill on lease. Thus, the entire transaction is sham and bogus and, therefore, the claim was disallowed rightly. Further the assessee company borrowed money and which was treated as unsecured loan carrying interest at 15% per annum and also advanced certain loans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the judgment of the Division Bench of this Court in the case of Solid Containers Ltd. v/s Deputy Commissioner of Income Tax anr., reported in (2009) 308 ITR 417 (Bom.), in support of this question. 6. After having heard the learned counsel appearing for both sides and perusing the order of the Income Tax Appellate Tribunal which decides two appeals, one by the revenue and the other by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of law. The findings of facts are consistent with the materials placed on record. 8. As far as the questions framed at paragraph 4 (D) and (F) on page No.5 of the paper book are concerned, we are of the opinion that the same findings have been questioned in the case of the very assessee by the department/revenue and by an order dated 29th November, 2010 delivered in Income Tax Appeal No.3219 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the above discussion and finding that it will not be possible to take a different view than that taken by the earlier Division Benches of this Court, we refrain from examining the submission of Mr.Chhotaray based on the difference of opinion noted by a Division Bench of the Punjab and Haryana High Court in the case of Commissioner of Income Tax v/s Rockman Cycle Industries Pvt. Ltd., reported i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
