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CIT vs. Punjab Breweries Ltd (Punjab & Haryana High Court)
April, 23rd 2012

Tribunals order not dealing with finding of sham transaction is perverse
The AO disallowed payments made by the assessee to M/s Blue Chip & Co towards C&F handling charges on the ground that the transactions were a sham and intended to provide interest-free funds to Vijay Mallya & his wife Samira Mallya. This was confirmed by the CIT (A) though the Tribunal allowed the claim on the ground that a similar issue had been allowed in the earlier years. On appeal by the department, HELD reversing the Tribunal:
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 orders of the Tribunal had been challenged before the High Court. Therefore the findings of the Tribunal are wholly erroneous, cryptic, perverse, laconic and perfunctory.

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