debit balance on the date on which the loans to the sister concerns were given by it and therefore the decision ... printers. This firm was advancing interest free loans to its sister concern, namely, P, since the assessment year 1984-85. At the same time
Appeals) that the transactions involved transfer of funds from one sister concern to another sister concern and such transactions could not be termed as loans ... common to all the sister concerns, the decision to transfer the funds from one concern to another concern or to repay the funds could
been accepted by the respondents that the transactions made between two sister concerns were under exceptional circumstances to accommodate emergency needs of the sister concern ... common to all the sister concerns, the decision to transfer the funds from one concern to another concern or to repay the funds could
journal entries are made in regular course of business
with the sister concerns by the appellant. Even in the present case,
there is no adverse ... observation that the
assessee has accepted loan/deposit from sister concern through
journal entries i.e., otherwise then account payee cheque /draft
thereby violated provisions
account of interest free advances to its sister-concern,
4. The CIT(A) has further erred in deleting the addition ... deleting the addition on account of lease rent paid to sister-concern and also in holding that the provisions of Section
stated as follows:
(a) V.B.C. Exports Ltd. is a sister concern of the assessee and it is engaged in the processing as well ... towards service charges said to have been paid to its sister concern, namely, VBC Exports Ltd.
39. Thus, this Tribunal has to examine in this
stated that the normal practice is that the appellant and its sister concerns have sent advance moneys to Nirma group for getting the goods. Whenever ... Nirma group. When sufficient money was not available with the assessee, sister concerns accommodated each other by paying cash. In these circumstances, whenever assessee needed
undisclosed income of ₹.47,16,72,184/- and its
sister concern's undisclosed income of ₹.10,00,00,000/-
(representing booking advance received ... funds and that the appellant
diverted interest bearing funds to its sister concerns for non-
business purposes or extra-commercial considerations.
(c) The appellant submits
making
investments in the share application money invested in various sister
concerns. The total withdrawals of the appellant from its capital account
in Kumar Builders ... assessee further submits that the investments made by it in
sister concerns are strategic investments and hence, should be excluded
for the purposes of computing
that the assessee made purchases of Rs. 75,295 from its sister concern, namely, M/s. Munak International (P) Ltd. and there was no justification ... cash payment of Rs. 75,295 has been made, is a sister concern of the appellant and there is no question of insisting
