INDUSTRIAL FEEDERS Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Both the above appeals, filed by the assessee, were admitted on 18.12.2006 on the following substantial questions of law :

(2.) Heard Mr.A.S.Sriraman, learned counsel for the appellant and Mr.T.R.Senthilkumar, learned Standing Counsel for the Department.

(3.) For the assessment year 1991-92, the appellant/assessee filed its Form No.12 and they filed a return of income on 31.10.1991 admitting a total income of Rs.5,07,183/-. The return was processed under Section 143(1)(a) and a notice was issued under Sub-Section (2) of Section 143. The Assessing Officer found that the assessee had advanced a sum of Rs.16,07,809/- to one of its sister concerns by name M/s.Kriscast.