9911796707
TMI Blog2012 (2) TMI 526X X X X Extracts X X X X X X X X Extracts X X X X ..... gn a common order dated 6.5.2011 passed by the Income Tax Appellate Tribunal (tribunal, for short) in the case of M/s. International Land Development Pvt. Ltd. The appeals relate to assessment year 2005-06 and 2007-08. The Assessing Officer held that Section 2(22)(e) was applicable to the following payments:- Assessment Year 2005-06 Amounts paid as Reserves loans and advances suppli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . were not shareholders of the respondent-assessee and therefore Section 2(22)(e) of the Act was not applicable. With regard to Alimuddin and Goldman Malls Pvt. Ltd. it was observed that both of them were shareholders of the respondent company but the payments made to them were for business exigencies/business purposes and therefore the deeming provisions were not applicable. No observations were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Developers Ltd., have common shareholders. Dividend is paid to shareholders and M/s. ALM Infotech City (P) Ltd. and International Land Developers Ltd. are not shareholders of the respondent assessee. We may also note that the tribunal has held that the payments made to M/s. ILD Trade Centres were for purchase of shops/offices. With regard to payments made to Alimudin and M/s. Goldman Malls Pvt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dend. We are not inclined to accept the said contention. In the present case the Assessing Officer has submitted a remand report to the CIT (Appeals). In their remand reports the Assessing Officer had stated as under:- The assessee has filed the copy of agreements and memorandum of undertaking executed by the parties and other connected papers beside order of the party for the relevant assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
