2007 (11) TMI 606

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....aja Pandian, J. The appeal is filed against the order of the Tribunal, Madras 'B' Bench 30-11-2006 made in ITA No. 975/Mad/2005 for the assessment year 2001-02. 2. The brief facts of the case as culled out from the statement of facts stated in the memorandum of appeal are as follows : The assessee-company is the manufacturer and seller of mineral water and has furnished the return....

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....issioner (Appeals) deleted the penalty and allowed the assessee's appeal. The revenue preferred an appeal before the Tribunal and the Tribunal has confirmed the order of the Commissioner (Appeals). The correctness of the same is now put in issue before this court by formulating the following question of law : "1. Whether on the facts and in the circumstances of the case the Tribunal is righ....

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....f the directors of the assessee-company was the sole proprietor of M/s Prasanna Agencies. It was the claim of the assessee before the lower authorities that the cash was received on account of sale as recorded in the books of accounts. The assessee had shown the same as trade credit. From the above, it is clear that the revenue has failed to establish that the amount received by the assessee was l....

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....e meaning of section 269SS. The deposit and the withdrawal of the money from the current account not be considered as a loan or advance. Further it was also found that the assessee filed a letter 29-9-1997, and in that letter he explained that the amount received from Mr. S.V.S. Manian had been shown as 'unsecured loan from directors' in the balance sheet. As per the Companies Act, under t....