9911796707
TMI Blog2014 (2) TMI 1208X X X X Extracts X X X X X X X X Extracts X X X X ..... f appeal. - Decided in favour of assessee - I.T.A. No.2573/Del/2010 - - - Dated:- 14-2-2014 - SHRI I.C. SUDHIR, JUDICIAL MEMBER AND SHRI T.S. KAPOOR, ACCOUNTANT MEMBER For the Petitioner : Shri Salil Agarwal Shri Gautam Jain, Advocates. For the Respondent : Ms. Meenakshi Vohra, D.R. ORDER PER TS KAPOOR, AM: This is an appeal filed by the assessee against the order of Ld CIT(A) 22.3.2010. The assessee has taken various grounds of appeals but the grievance of assessee revolves about two issues one relates to action of Ld CIT(A) in upholding the assessment order with respect to treating an amount received from M/s Daisy Motors Pvt. Ltd. u/s 2(22)(e) of the Income Tax Act, 1961 and second issue relates to sust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act as the transactions were happening in the Current Account and considering the similar circumstances, the Tribunal in its order in the case of Mr. Anil Bansal has already considered the issue. 3. The Ld DR, on the other hand, relied upon the order of Assessing Officer and ld CIT(A). 4. We have heard the rival submissions of both the parties and have gone through the material available on record. We find that the first issue is squarely covered in favour of assessee as in the case of Mr. Anil Bansal in I.T.A. No.2574 under similar facts and circumstances, the Hon'ble Tribunal has considered similar transactions as Current Account transactions and has not as deemed dividend. The relevant findings are contained in para 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was either loan or advance by M/s Daisy Motors Pvt. Ltd. to the assessee. On these facts, the decision of Hon'ble Jurisdictional High Court in the case of Ambassador Travels P.Ltd. (supra), wherein their Lordships held as under, would be squarely applicable:- 5. We are of the view that the order passed by the Tribunal does not suffer from any error of law. It is quite clear that the assessee was a travel agency and the above two concerns that it had dealings with, that is, M/s Holiday Resort (P) Ltd. and M/s Ambassador Tours (I) (P) Ltd. were also in the tourism business. The assessee was involved in the booking of resorts for the customers of these companies and entered into normal business transactions as a part of its day-to- ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
