9911796707
TMI Blog2012 (3) TMI 324X X X X Extracts X X X X X X X X Extracts X X X X ..... TA 333/2006 - - - Dated:- 22-3-2012 - MR. JUSTICE SANJIV KHANNA, MR. JUSTICE R.V.EASWAR, JJ. For Appellant: Mr. Anupam Tripthi, Advocate, for Mr. Kamal Sawhney, Sr. Standing Counsel. For Respondent: Mr. C.S. Aggarwal, Sr. Advocate with Mr. Prakash Kumar, Advocate. O R D E R In the cause list ITA No. 333/2006, Commissioner of Income Tax versus M/s Gopal Clothing Company Private Limited, which pertains to assessment year 1996-97, is listed. However, we notice that along with the said appeal, the Registry has also enclosed files of ITA Nos. 732/2004, 739/2004, 722/2005, 857/2006 and 861/2006. These appeals pertain to assessment years 1994-95, 1994-95, 1996-97, 1997-98 and 1997-98, respectively. For each assessment year, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said company to pay dividend. Accordingly, Rs.1,46,72,750/-, Rs.4,50,60,577/- and Rs.4,32,57,916/- were brought to tax as deemed dividend in the assessment years 1994-95, 1996-97 and 1997-98 respectively. 5. In the first appeal, the Commissioner of Income Tax (Appeals) reduced the said amount to Rs.15,11,000/-, Rs.14,06,113/- and Rs.77,49,000/- for the assessment years 1994-95, 1996-97 and 1997-98 respectively. The reduction was made by the CIT(Appeals) on the ground that certain amounts had been repaid and that cannot be treated and regarded as deemed dividend. The Assessing Officer, we may note had computed the deemed dividend by taking into account the debit balance at the end of the year but did not reduce from the said amount the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act, payment must be made to the person, who is a registered holder of shares and the shareholder alone. Even after the amendment with effect from 1988 and introduction of the words a person who is the beneficial owner of shares cannot be construed to in a way alter the position that the shareholder has to be the registered shareholder. The amendment imposes an additional condition that the registered shareholder must also be the beneficial shareholder of the company that has furnished loan/advance. The fact that the shareholders of the assessee company were also shareholders of the company which had given loan/advances is not suffice and does not meet the requirement of Section 2(22)(e). The voting rights of the shareholder, i.e., ..... X X X X Extracts X X X X X X X X Extracts X X X X
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