9911796707
TMI Blog2008 (9) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... bank guarantee commission to its directors and the relatives - both the questions are answered, against the Revenue and in favour of the assessee - 121 of 2006, 122 of 2006, 123 of 2006 - - - Dated:- 25-9-2008 - SHRI N P GUPTA,J. and SHRI KISHAN SWAROOP CHAUDHARI,J. Mr. K.K. Bissa, for the appellant/petitioner. Mr. Arun Bhansali, for the respondent. JUDGMENT These three appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he business purpose and the bank advanced loans against the hypothecation of goods/assets of company?" Out of these two questions, so far as first question is concerned, on the aspect of the admissibility of the commission, paid to the sister concern, the matter is covered by a decision of this Court dt. 13.12.2007, rendered in Income Tax Appeals No.57, 58 and 59 of 2003, M/s Laxmi Engineering I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ayurvedic Sevashram P.Ltd., reported in (1986) 159 ITR 112, which judgment has been followed in the judgment of this Court also, in bunch of Income Tax Appeals, led by Income Tax Appeal No.51/2005, CIT vs. M/s Metalizing Equipment Co.(P) Ltd. decided on 5.5.2008. In view of the above two judgments, the second question is also covered, against the Revenue and in favour of the assessee. Consequen ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
