2017 (10) TMI 1279 - SC - Income Tax

Deemed dividend - decision in the case of COMMISSIONER OF INCOME TAX Versus ANKITECH PVT LTD. OTHERS 2011 (5) TMI 325 - DELHI HIGH COURT referred - Held that - the judgment is a detailed judgment going into Section 2(22)(e) of the Income Tax Act which arises at the correct construction of the said Section. We do not wish to add anything to the judgment except to say that we agree therewith.

Summary

Issues:
1. Interpretation of Section 2(22)(e) of the Income Tax Act.

Analysis:
The Supreme Court, comprising Mr. Rohinton Fali Nariman and Mr. Sanjay Kishan Kaul JJ., reviewed multiple civil appeals involving the interpretation of Section 2(22)(e) of the Income Tax Act. The impugned judgment dated 11.05.2011 was scrutinized, which relied on a High Court of Delhi Division Bench judgment in ITA No. 462 of 2009. The apex court concurred with the detailed analysis in the judgment, specifically focusing on the correct construction of Section 2(22)(e) of the Income Tax Act. The court, after hearing arguments, concluded that no further additions were necessary to the judgment, and they agreed with its findings. Consequently, all the appeals were disposed of in accordance with the aforementioned judgment.

Moreover, the Supreme Court also addressed several Special Leave Petitions (SLPs) in light of the order passed in Civil Appeal No. 3961 of 2013 and others. These SLPs were also disposed of based on the same reasoning and conclusions as the main civil appeals. The disposal of the SLPs aligned with the overarching decision made in the primary judgment regarding the interpretation of Section 2(22)(e) of the Income Tax Act. The court's consistent approach in disposing of the SLPs underscores the uniformity in its application of legal principles across related cases, ensuring coherence and efficiency in the adjudicative process.