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TMI Blog2014 (10) TMI 847X X X X Extracts X X X X X X X X Extracts X X X X ..... taneously and it is only a delay of deposit of that cheque by one day by DIPL. Considering the totality of the facts and the arguments of both the sides, in our opinion, the sum of ₹ 14,50,000/- and ₹ 10,50,000/- cannot be treated to be in the nature of loan and advance so as to treat the same as deemed dividend within the meaning of Section 2(22)(e). In view of the above, in our opinion, only a sum of ₹ 1 lakh is liable to be taxed as deemed dividend. Accordingly, the addition of ₹ 45,36,024/- is reduced to ₹ 1,00,000/-. - Decided in favour of assessee in part. - ITA No. 4940/Del/2012 - - - Dated:- 21-10-2014 - SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI CHANDRA MOHAN GARG, GARG, JUDICIAL MEMBER Appellant: Shri A.L. Sehgal, CA. Respondent: Shri Satpal Singh, Sr.DR. ORDER PER G.D. AGRAWAL, VP : This appeal by the assessee is directed against the order of learned CIT(A)-XIII, New Delhi dated 20th July, 2012 for the AY 2009-10. 2. The assessee has raised various grounds in this appeal. However, they are all against the addition of ₹ 45,36,024/- made under Section 2(22)(e) of the Income Tax Act, 1961 as deemed dividen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 024/- which is for the provision for audit fee. It was explained that the auditor of the company and proprietorship business of the assessee is same and in respect of his professional fee for the group, the provision and payment is made by DIPL and therefore, they have debited the audit fee pertaining to the assessee to the account of the assessee. Considering these facts, in our opinion, the payment of audit fee by DIPL and recovery thereof from the assessee cannot be treated to be deemed dividend within the meaning of Section 2(22)(e). In respect of another transaction of ₹ 3 lakhs, we find that the assessee made the payment of ₹ 3 lakhs on 14.11.2008 and thereafter on 5.1.2009, there was a payment by DIPL. It was contended by the learned DR that there was an opening debit balance of more than ₹ 35 lakhs in the hands of the assessee and the payment of ₹ 3 lakhs made by the assessee was towards the repayment of the earlier advance and therefore, the payment of ₹ 3 lakhs by DIPL to the assessee on 5.1.2009 is certainly in the nature of loan and advance. Therefore, the Assessing Officer rightly applied Section 2(22)(e) thereon. The same should be sustai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Payment 576 1,00,000.00 Ch.No.395872 Being amt paid to Harsh Dhir 4-7-2008 Dr Amex Card 3769 321131 51005 Journal 84,615.00 Being amt paid by Harsh Dhir Personal A/c of KBL 826 Vide Ch No 710283 dt 04.07.08 Platinum Card -3769 321131 511005 22-7-2008 Dr State Bank of India-10886408472 Receipt 430 2,00,000.00 Ch.No.736009 Being cheque recd from Harsh Dhir 3-8-2008 Dr State Bank of India-10886408472 Receipt 453 4,50,000.00 Ch.No.736811 being ch recd from Harsh Dhir 10-8-2008 Dr KBL-1099 Receipt 469 2,00,000.00 23-8-2008 Dr HSBC 5548 5199 9831 6217 Journal 10,405.00 Being payment made by Harsh Dhir on behalf of the Company through Ch No.710287 Shilpi Dhir HSBC Card No. 6217 Dr HSBC 4384-5937-0617-3483 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 1266 10,00,000.00 KBL-1099 9,97,000.00 Dr Bank charges 3,000.00 Dr Being Ch 544251 received from Harsh Dhir Cr State Bank of India-10886408472 Payment 5459 9,75,000.00 Ch No.396094 being amt paid AG On A/c ----------------------------------------------- 2,94,10,098.00 63,39,535.00 Dr Closing Balance 2,30,70,563.00 ----------------------------------------------- 2,94,10,098.00 2,94,10,098.00 9. The sum of ₹ 1 lakh was paid by DIPL to the assessee on 23rd April, 2008. During the previous year relevant to the assessment year under consideration, there was no payment made by the assessee to DIPL before this date. Therefore, the sum of ₹ 1 lakh paid by DIPL to the assessee on 23rd April, 2008 is in the nature of loan and advance chargeable as deemed dividend under Section 2(22)(e). T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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