TMI Blog2002 (11) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal is perverse in facts and in law?" - Tribunal has also noted that the Departmental Representative could not point out any specific interest bearing borrowed funds, which had been diverted by the assessee to its sister concern. - The aforenoted findings of the Tribunal being based on the relevant evidence on record, no question of law, much less a substantial question of law, arises from the orders of the Tribunal. It is not shown to us as to which finding of the Tribunal is either without any evidence or material or it is contrary to the evidence, to term it as perverse - - - - - Dated:- 13-11-2002 - Judge(s) : D. K. JAIN., MS. SHARDA AGGARWAL. JUDGMENT The judgment of the court was delivered by D.K. JAIN J.-These five appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid by the assessee to the State Bank of India in its overdraft account. Aggrieved, the assessee preferred appeals against the disallowance to the Commissioner of Income-tax (Appeals) (for short "the CIT(A)") but without any success. The assessee took the matter in further appeal to the Tribunal. The Tribunal, by the impugned order, had deleted the aforenoted disallowance made by the Assessing Officer. Hence, the present appeals. The following questions have been formulated in the appeals for adjudication: "(a) Whether, on the facts and in the circumstances of the case, the Tribunal was incorrect, both on facts and in law, in holding that the interest paid by the assessee to the SBI was admissible deduction and no part of it could be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en the borrowed funds and the interest-free advances lay on the assessee. Strong reliance has been placed on a decision of this court in CIT v. Motor General Finance Ltd. [2002] 254 ITR 449. It is thus, urged that the Tribunal having ignored various material aspects, its orders involve substantial questions of law. Mr. Gulati, learned counsel for the assessee, on the other hand, would submit that the findings arrived at by the Tribunal to the effect that the interest-free advances to the sister concern were out of interest-free funds available with the assessee, being based on facts and figures, extracted in the impugned orders also, the orders do not give rise to any substantial question of law. In support of the proposition that it is n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year 1982-83, no such disallowance had been made when admittedly substantial interest-free funds had been advanced to the sister concern. The appellant has not paid any interest to any other party either in the past or during the year under appeal. Further in the years under appeal, either the fresh advances to PNSMPL have been quite insignificant or there have been absolutely no fresh advances made by the appellant, rather during the assessment years 1990-91 to 1992-93 the appellant had received back from the sister concern more than Rs. 10 lakhs. The capital of the firm and interest-free unsecured loans with the appellant far exceed the amounts advanced to the sister concern in all the years under appeal a fact neither controv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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