2009 (12) TMI 541

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....nbsp; C. N. Ramachandran Nair J.- Heard counsel appearing for the appellant and standing counsel appearing for the Department.   2. The appeals arise from the assessment of the assessee for the assess- ment years 1999-2000 and 2000-01. The assessee has been crediting interest and even making cash payment of interests to certain credit entries shown in the names of relatives. Interest....

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....ition under section 41(1) to the interest credited to the account of the creditors. It is against these orders of the Tribunal, the assessee has filed these appeals.   3. The counsel has relied on a decision of the Supreme Court in CIT v. Sugauli Sugar Works P. Ltd. [1999] 236 ITR 518 and contended that mere unilateral transfer entries in the accounts of the assessee will not entitle the D....