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TMI Blog2017 (7) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... for number of years, there was no such instance of sale of the units to the sister concern at a reduced rate, the number of units represent a small portion of the total turnover, that such activity was discontinued in later years and most importantly, the said sister concern had advanced unsecured interest free loans of more than ₹ 3 crores over a long period of time. The Tribunal also accep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Akil Kureshi And Biren Vaishnav, JJ. Mrs Mauna M Bhatt, Advocate for the Appellant ORDER ( Per : Honourable Mr. Justice Akil Kureshi ) 1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 17.11.2016 raising following questions for our consideration: A. Whether on the facts and in the circumstances of the case, the Appellate Tribunal is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... short] to its sister concern at a rate lower than the market rate. The Assessing Officer recorded that the market rate per unit was ₹ 550/- whereas the assessee sold the same to its sister concern at ₹ 110/- per unit. The Assessing Officer invoked section 13 of the Act and cancelled registration and denied the benefit of section 11 in case of the assessee. CIT (Appeals) confirmed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lood banks at the same rate. The Tribunal noted that the sister concern i.e. Celestial Biologicals Limited had provided for unsecured loan to the tune of ₹ 3.43 crores since the financial year 2003-04. Even going by moderate notional interest, the accumulated interest on loan till 31.03.2009 would reach ₹ 2.51 cores. No interest was charged by Calestial Biological Limited. 3. The co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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