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TMI Blog2014 (8) TMI 388X X X X Extracts X X X X X X X X Extracts X X X X ..... aised the following 4 substantial questions of law: (1) Whether the CIT(A) was correct in law in interpreting the provisions of Section 2(22)(e) of the IT Act by holding that the amount cannot be assessed as deemed dividend in the hands of the assessee? (2) Whether on the facts and circumstances of the case, the CIT(A) erred in law in interpreting Section 2(22)(e) of the IT Act which was introduced to forestall the manipulation of likelihood of closely held companies and distributing their profits not by way of dividends but by way of loans and advances to escape tax? (3) In view of the ground No.2 above, whether the CIT(A) is correct in holding that deemed dividend that arose under Section 2(22)(e) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eemed dividend within the meaning of this section. 18. We do not find any reason to take a view other than the one taken by the Delhi and Bombay High Courts in the aforementioned judgments nor could the Senior counsel appearing for the revenue persuaded us to take differing view. In the circumstances, we find no reason to interfere with the concurrent finding of facts recorded by the two authorities below namely the Appellate Authority and the Tribunal. In the circumstances, we answer the question as formulated by us in favour of the respondent-assessee and against the revenue." In that view of the matter, the said substantial questions of law are answered in favour of the assessee and against the Revenue. 4. Insofar as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion. The Revenue contends, the completion certificate issued by the Village Panchayat is not valid and therefore the assessee is not entitled to the said benefit. Admittedly the plan is sanctioned by the BDA. The BDA has not issued any completion certificate. The reason being, in the BDA Act or the Karnataka Municipal Corporation Act, there is no provision for issue of completion certificate. The provision in the Karnataka Municipal Corporation Act is for issuance of occupancy certificate. When the statute does not provide for issue of a completion certificate, if the authorities were insisting on such certificate, the assessee has gone to the Village Panchayat within whose limits the property is situated and has obtained the completion ce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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