2024 (1) TMI 215

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rable Mr. Justice Krishnan Ramasamy For the Petitioner : Mr.A.S.Sriraman For the Respondents : Mr.R.S.Balaji Senior Standing Counsel assisted by Mrs.S.Premalatha Junior Standing Counsel ORDER This Writ Petition has been filed challenging the order dated 09.10.2023 passed by the respondent. 2. The main grievance of the petitioner is that the petitioner-assessee- Company has advanced ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....for the petitioner would submit that there was no cash transaction made by the petitioner and the same has also been clearly stated in the audited books of accounts and therefore, there is no violation of the provisions of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). In spite of that, the respondent/Assessing Officer passed the assessment order imposing the penalty unde....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....a sum of Rs. 14,00,00,000/- to M/s. Shakti Sugar Ltd., which, in turn, made repayment to the 3 entities viz., M/s. Hapline Commodities Ltd, M/s.Padam Sugar Company and M/s. Medicare Clinic Pvt., to a sum of Rs. 3,55,00,000/-, Rs. 4,59,50,000/- and Rs. 20,50,000/- respectively. The said sum of Rs. 14,00,00,000/- was paid by M/s. Shakti Sugar Ltd on the request made by the petitioner, since M/s. Sha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....repayment of loan by M/s. Shakti Sugar Ltd. as income of the petitioner and proceeded in accordance with law in terms of the Income Tax Act. 7.2 As discussed above, with regard to the grant of loan by the petitioner to M/s. Shakti Sugar Ltd. and repayment of the same made by M/s. Shakti Sugar Ltd. to the aforesaid three entitiled based on the instructions of the petitioner and as regards the di....