TMI Blog2019 (1) TMI 1475X X X X Extracts X X X X X X X X Extracts X X X X ..... facts, both CIT (A) and the Tribunal found that the business run by respondent's sister concerns to whom money is advanced is complementary to its business. The Apex Court in S.A. builders Limited (2006 (12) TMI 82 - SUPREME COURT ) had held that whether a particular advance made to the sister concerns is on account of business exigency is a decision which the businessman has to take and it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 10th June, 2007 passed by the Income Tax Appellate Tribunal (the Tribunal). This Appeal relates to Assessment Year 2001-02. 2. The Revenue urges the following question of law for our consideration: Whether, on the facts and circumstances of the case, the ITAT was right in relying on the decision in the case of S.A.Builders Ltd. Versus C.I.T(A) and Another, (2007) 288 ITR 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and limited the disallowance to ₹ 50.92 lakhs out of the interest paid on borrowed funds. This on the ground that the above interest is attributable to the borrowed amounts extended as loans to the sister concerns. 5. On further appeal, the Tribunal on examination of the record held that there was no dispute before it that the amounts were advanced to its sister concerns by the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the respondent-assessee firm. Thus, the appeal be admitted. 6. We note that the business of the respondent-assessee is that of dealers of automobiles. Its sister concerns to whom monies are advanced, are engaged in manufacture of bus bodies and running of petrol pump. In these facts, both CIT (A) and the Tribunal found that the business run by respondent's sister concerns to whom mone ..... X X X X Extracts X X X X X X X X Extracts X X X X
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