COMMISSIONER OF INCOME TAX Vs. SAKTHI SUGARS LTD

JUDGEMENT

(1.) IN pursuance of the direction of this court in T. C. P. No. 583 of 1982, dated April 11, 1983, the Income -tax Appellate Tribunal has stated a case and referred the following questions of law :

(2.) THE tax case arises under the provisions of the Companies (Profits) Surtax Act, 1964:

(3.) THE Commissioner of Income -tax (Appeals), on appeal preferred by the assessee, held that the two loans form part of a same transaction and since the period of repayment was for a period of more than seven years, the outstanding loan amount to the Corporation was liable to be included in the capital base of the company.