9911796707
TMI Blog2004 (9) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... Civil Appeal No. 1479 of 2004 in the case of Motor General Finance Ltd. v. CIT [2004] 267 ITR 381, decided on February 25, 2004, this appeal is listed before us for hearing. From the order of the Tribunal, it transpires that there was a specific ground with regard to the disallowance of Rs. 10 lakhs in respect of fresh advances made in the year in question to the sister concern by the appellant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 8 of the order made by the Income-tax Appellate Tribunal. It was submitted before the Tribunal that in this way loan of Rs. 47,67,740 to the sister concern was entirely out of the profit of the year. No disallowance of interest was warranted. The Tribunal thereafter examined the matter and, after going through the relevant record, held that the issue is covered by the decision of the Tribunal in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , notice of which has not been taken by the High Court. The contents of these statements would have vital importance on the ultimate 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was for the Tribunal to consider the same or the Tribunal ought to have given a direction to the Assessing Officer and thereafter examined the matter and record a finding in this behalf. Prima facie, it appears to us that, as indicated at page 72, for a certain number of days the amount was paid from the borrowed funds to the sister concern. The amount was advanced to the sister concern. Howe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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