https://www.taxtmi.com/caselaws?id=236475 Interest allegedly foregone on advances to sister concerns was examined under the Gift Tax Act, 1958 to determine whether it could be treated as a deemed gift arising from release, surrender, forfeiture or abandonment. The Court found that the Tribunal had not properly examined material facts, including why interest was not charged to selected concerns, how similar loans were treated in other years, and whether the advances served business purposes or benefited partners or directors. As bona fide conduct depended on those factual findings, the matter was remitted to the Tribunal for fresh consideration as the final fact-finding authority. en-us Tue, 27 Aug 2013 00:00:00 +0530 Tue, 04 Feb 2014 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236475 Interest allegedly foregone on advances to sister concerns was examined under the Gift Tax Act, 1958 to determine whether it could be treated as a deemed gift arising from release, surrender, forfeiture or abandonment. The Court found that the Tribunal had not properly examined material facts, including why interest was not charged to selected concerns, how similar loans were treated in other years, and whether the advances served business purposes or benefited partners or directors. As bona fide conduct depended on those factual findings, the matter was remitted to the Tribunal for fresh consideration as the final fact-finding authority. Case-Laws Income Tax Tue, 27 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236475