9911796707
TMI Blog2002 (11) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1992-93 and 1994-95, respectively. Since in all the appeals an identical issue has been raised, for the sake of convenience these are being disposed of by this common order. However, we shall take the facts of the assessment year 1988-89 as illustrative. The assessee, a registered firm, engaged in the business of manufacture and sale of tin containers and printers, had been advancing interest-free loans to its sister concern, namely, Pant Nagar Soya Milk Products Pvt. Ltd. (PNSMPL), since the assessment year 1984-85. At the same time it had been availing of overdraft loan facilities from the State Bank of India against hypothecation of stocks, etc., and was paying interest to the bank. During the course of assessment proceedings, the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is perverse in facts and in law?" We have heard Mr. J.R. Goel, learned senior standing counsel for the appellant, and Mr. Kavin Gulati, on behalf of the assessee. It is vehemently submitted by Mr. Goel, that in respect of the assessment year 1988-89 the Commissioner of Income-tax (Appeals), had remanded the case back to the Assessing Officer with a direction to grant an opportunity to the assessee to prove that the interest-free advances made by it to the sister concern were not out of the amount withdrawn from the bank overdraft account but were advanced from the unsecured interest-free loans and capital of the partners in the firm but the assessee failed to produce any evidence in that behalf despite several opportunities, showing that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id could be made. We are of the opinion that the issues raised in the appeals cannot be said to involve any substantial question of law. While noticing that the Department had not been able to controvert or disprove the fact that the assessee had substantial capital and interest-free funds available with it, not only in the preceding years but also in the years under consideration, which far exceeded the interest-free advances to the sister concern, the Tribunal finally concluded as under: "We are in agreement with the submissions made by learned counsel for the appellant because the factual position as submitted before us by learned counsel for the appellant has not been controverted by the learned Departmental Representative. The admit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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