9911796707
TMI Blog2014 (3) TMI 295X X X X Extracts X X X X X X X X Extracts X X X X ..... ct would be treated as dividend - By a deeming provision, it is the definition of dividend which is enlarged and is not to be extended further for broadening the concept of shareholder - an assessee who is not a shareholder of the company, from which it received a loan or an advance cannot be treated as being covered by the definition of the word dividend as provided in Sec.2(22)(e) of the Act - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing more than 20% shares in the assessee company as well as in M/s B.R. Arora Associates Pvt.Ltd. 2. On the facts in the circumstances of the case and in law, the learned CIT(A) has erred in not considering the CBDT s circular No.495 dated 22/09/1987, whereby the scope of the deemed dividend taxable u/s 2(22)(e) of the Act was enlarged to include payments made by a company to a concern in w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TA No.2176/Del/2010 wherein the ITAT held as under:- 5. We have considered the submissions of the Ld. D.R. for the revenue and have gone through the material on record and the orders of authorities below. We find that it is noted by the A.O. in the assessment order that Shri B R Arora is holding 39.27% of the shares in the assessee company and the same person is holding 52.92% shares in M/s. B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t a shareholder of these two lender companies and hence as per this decision of Special Bench of this Tribunal, Ld. CIT(A) has rightly deleted the addition made by the A.O. u/s 2(22)(e) of the I. T. Act. 6. Regarding the reliance placed by the revenue in ground No.2 on the Tribunal decision rendered in the course of Skyline India Recruit Pvt. Ltd. Vs ITO 24 SOT 20 (Mum.) and Ex Tempor Securitie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lder holding the required percentage of shares in any of the two companies. Therefore, the judgment of this Court in Ankitech Pvt.Ltd. (supra) fully applies to the present case. We accordingly hold, following the said judgment, that no substantial question of law arises from the order of the Tribunal. 5. Therefore, respectfully following the above decision of Hon'ble Jurisdictional High Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
