2011 (10) TMI 30

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....or Respondent : Mr.J.Balachander for M/s.Sridhar   J U D G M E N T   Delivered by P.JYOTHIMANI, J.   This tax case appeal is preferred by the Revenue against the order of the Income Tax Appellate Tribunal Madras 'A' Bench dated 31.3.2004 made in ITA No.2534/Mds/1994 for the assessment year 1991-1992, and the same was admitted on the following questions of law:   'i.....

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....ved from the members on loans advanced to them. The Assessing Officer disallowed the claim holding that the assessee's main object and business is manufacture of sugar, whereas such deduction will be given only if its main object is banking and providing credit facilities to its members. Being aggrieved, the assessee preferred an appeal to the Commissioner of Income Tax (Appeals), who confirmed th....

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....hat none of the authorities below, including the High Court, have examined the memorandum of association filed by Salem Coop. Sugar Mills Ltd., Madurantakam Coop. Sugar Mills Ltd., Ambur Coop. Sugar Mills Ltd., Dharampuri District Coop. Sugar Mills Ltd., Vellore Coop. Sugar Mills Ltd., Attur Agricultural Producers Coop. Society Ltd. and Modern Engineers Construction Coop. Society Ltd. Under Sectio....

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....ore, in each case, the Tribunal was required to examine the memorandum of association, the articles of association, the returns of income filed with the Department, the status of business indicated in such returns, etc. This exercise had not been undertaken at all.' and held that the exercise indicated by the Supreme Court in Ponni Sugars and Chemicals Ltd. case, supra, has not been done by the Tr....