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TMI Blog2014 (3) TMI 295X X X X Extracts X X X X X X X X Extracts X X X X ..... l by the Revenue is directed against the order of learned CIT(A)-XVI, Delhi dated 14th December, 2012 for the AY 2005- 06. 2. The Revenue has raised the following grounds:- "1. On the facts & in the circumstances of the case and in law, the learned CIT(A) has erred in holding that the amount received by the assessee company from M/s B.R. Arora & Associates Pvt.Ltd. was not taxable as deemed divi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan and that there was a collusion between the two to show it as an advance against property whereas there was no intention to sell the property. 4. The appellant craves to be allowed to add any fresh grounds of appeal and/or delete or amend any of the grounds of appeal." 3. We have heard both the sides and perused the material placed before us. We find that this issue is squarely covered in fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 2(22)(e) of the I. T. Act. It was held by the Special Bench of this Tribunal in the case of Bhaumik Colours Pvt. Ltd. (supra) that deemed dividend can be assessed only in the hands of a person who is a shareholder in the lender company and not in the hands of a person other than a shareholder. It was also held by the Special Bench of this Tribunal that such shareholder should be registere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... because we have to follow the decision of Special Bench of this Tribunal in preference to any decision of a division bench of the Tribunal. Hence, we decline to interfere in the order of Ld. CIT(A)." 4. The above order of the ITAT has been approved by the Hon'ble Jurisdictional High Court in ITA No.497/2011 vide order dated 21st November, 2011 wherein their Lordships held as under:- "5. In t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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