2011 (3) TMI 830

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....t.   Rajesh Bindal J.   The assessee is in appeal before this Court raising following substantial questions of law, arising out of order dated 17.5.2010, passed by the Income Tax Appellate Tribunal, Chandigarh, Bench  Rs. A', Chandigarh (for short,  Rs. the Tribunal') in ITA No. 768/CHD/2005 for the assessment year 2001-2002:   (i) Whether in facts and circumstanc....

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....s below, the impugned orders Annexure A1 to A3 are legally sustainable in the eyes of law?   (v) Whether in fact and circumstances of the case, the impugned order is legally unsustainable in light of the decision of this Hon'ble High Court in the case of Porrits and Spencer (Asia) Ltd. Vs. CIT?   Briefly, the facts are that the assessee-company is engaged in the business of manufac....

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....stic Auto Ltd. is a sister concern of the assessee. In fact, it was promoted by the assessee, which holds 29.16% of its share capital. Being a promoter company, it had undertaken to secure various loans raised by M/s Majestic Auto Ltd. from IFCI and other financial institutions. The assessee had further given guarantee to Central Excise Department as well as City Bank pertaining to amounts due fro....

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.... 803 of 2010 [3] 1961 (for short,  Rs. the Act'). Every transaction has to be considered from the point of view of the businessman. After hearing learned counsel for the appellant, we do not find any substantial question of law arises in the present appeal. In fact, the manner in which substantial sum of  Rs. 10,00,00,000/- is sought to be diverted by the assessee to a sister concern cla....