2013 (7) TMI 989

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..... e learned counsel for the appellant and gone through the impugned judgment and order of the learned Tribunal in relation to the assessment year 2004-05. I.T.T.A. No. 64 of 2013 is sought to be preferred on the following suggested question of law: 1) Whether on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the discount paid by the Foreman .....

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..... arise. In the case of a chit fund company, there is no borrowing of money nor any debt is incurred and as such, the provisions of Sections 194 and 2(28-A) of the Income Tax Act do not attract. The Madras High Court in the case of Bilahari Investments Pvt. Ltd., vs. C.I.T. reported in 288 ITR 39(Mad), took the same view and this view of the Madras High Court was confirmed by the Supreme Court in .....

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