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Order not dealing with finding of sham transaction is erroneous, cryptic, perverse & laconic
Case Law Details
- Case Name
- Commissioner of Income Tax (Central) Ludhiana Vs M/s Punjab Breweries Ltd. Ludhiana (now amalgamated with M/s United Breweries) (Punjab and Hariyana High court at Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Punjab and Haryana HC
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It is not in public interest to accept such a claim when there is no evidence of rendering any service by Blue Chip & Co to the assessee. The sole object of diverting funds to Blue Chip & Co was to facilitate passing of funds as interest free loan to Vijay Mallya and Samira Mallya.
The agreement between the assesee and Blue Chip was found to be a “sham transaction” by the AO & CIT (A). The Tribunal committed grave error by recording the order as if it is a consent order though the DR had categorically defended the AO & CIT (A)’s order. Also, the earlier o...
