2004 (2) TMI 5

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....n that arises for our consideration in this case is whether the amount advanced by the appellant to its subsidiary in the relevant year was out of the profit earned by the company for the said year or was from the funds borrowed by the appellant. In para. 6 of the impugned judgment, the High Court has observed: "Pursuant to and in furtherance of the aforesaid direction, an opportunity was given....

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....bserved that in spite of giving opportunity to the appellant, it has not filed the necessary statement before the Commissioner of Income-tax. It is primarily based on this finding of fact that the High Court dismissed the statutory appeal filed by the appellant. Learned counsel appearing for the appellant points out from the record that the observations made by the High Court are factually inco....