TMI Blog2004 (2) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... :- 25-2-2004 - Judge(s) : N. SANTOSH HEGDE. and B. P. SINGH. ORDER Heard learned counsel for the parties. Delay condoned. Leave granted. The only question that arises for our consideration in this case is whether the amount advanced by the appellant to its subsidiary in the relevant year was out of the profit earned by the company for the said year or was from the funds borrowed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate has not furnished any such statement. In view of this fact, the disallowance of Rs. 10 lakhs is to be sustained'." The High Court in the impugned judgment has observed that in spite of giving opportunity to the appellant, it has not filed the necessary statement before the Commissioner of Income-tax. It is primarily based on this finding of fact that the High Court dismissed the statutory ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision that the High Court may have to take. Therefore, we think it appropriate that since the High Court has proceeded on an erroneous factual basis, this matter should be remanded back to the High Court to consider the material produced by the appellant which is found at pages 70-74 of the appeal papers and decide the case on that basis. In view of the above, we allow this appeal, set asi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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