TMI Blog2019 (4) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... A. No. 204 of 2010 - - - Dated:- 19-2-2019 - MR P. R. RAMACHANDRA MENON AND MR N. ANIL KUMAR, JJ. For The Appellant : ADVS. SRI. JOSE JOSEPH, SC, FOR INCOME TAX, SRI. CHRISTOPHER ABRAHAM, INCOME TAX DEPARTMENT AND SRI. K. M. V. PANDALAI, INCOME TAX DEPARTMENT For The Respondent : ADVS. SRI. JOSEPH MARKOS (SR. ), SRI. BINU MATHEW, SRI. B. J. JOHN PRAKASH, SRI. JOSEPH KODIANTHARA (SR. ), SRI. MATHEWS K. UTHUPPACHAN, SRI. TERRY V. JAMES, SRI. TOM THOMAS (KAKKUZHIYIL) AND SRI. V. ABRAHAM MARKOS JUDGMENT P . R . Ramachandra Menon, J . This appeal is at the instance of the Revenue. Challenge is against Annexure C order passed by the Income Tax Appellate Tribunal, Cochin Bench. The ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstantial questions of law, which are in the following terms: ( a) Whether, on the facts and in the circumstances of the case and also in view of the fact that the amount of ₹ 90,00,000/- had not been advanced for carrying on the business of the assessee, the assessee is entitled to claim deduction of the same? ( b) Whether, on the facts and in the circumstances, of the case, 1. did the assessee discharge the burden of proof; 2. did the assessee establish the claim of saving of reputation; 3. the assesssee is entitled to the deduction? 5. The dispute is with regard to the course pursued by the Assessee debiting in its account, under the head 'General Expenses', a sum of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... biam Saw Mills (Private) Limited', which originally was a subsidiary company of Addison and Company (Private) Limited and thus the former company (SSM) became the direct subsidiary of the Assessee Company. The subsidiary company had borrowed amounts from the National Bank of India Limited, to which the Assessee Company had offered bank guarantee, particularly by virtue of the enabling clause in the Memorandum of Association in this regard to offer guarantee for the affairs of the subsidiary companies. The loss sustained by the Assessee and written off accordingly was disallowed by the Assessing Officer stating that the transaction was not a part of the business of the Assessee Company, which contention was repelled by the Tribunal grant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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