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TMI Blog2016 (11) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... company and M/s. Alfa Distilleries P. Ltd. and M/s. Vulcan Distilleries P. Ltd. had common shareholders, therefore, the amounts received by the respondent assessee as loans and advances from the two companies are to be considered as deemed dividend under Section 2(22)(e) of the Act. The Tribunal in the impugned order has held that as the respondent assessee is not shareholder of M/s. Alfa Dist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lder of the company giving the loans and / or advance. In this case, admittedly, the respondent assessee is not a shareholder of the two companies i.e. M/s. Alfa Distilleries P. Ltd. and M/s. Vulcan Distilleries P. Ltd. - Decided in favour of assessee. - INCOME TAX APPEAL NO. 2255 OF 2013 - - - Dated:- 28-3-2016 - M.S. SANKLECHA AND A.K. MENON, J.J. For The Appellant : Mr. Suresh Kumar a/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Alfa Distilleries P. Ltd. and M/s. Vulcan Distilleries P. Ltd. One Captain Pramod Salvi, who was the Director of the respondent assessee and had 79.92% shareholding in it. Further, Capt. Salvi also had 77.11% shareholding in M/s. Alfa Distilleries P. Ltd. and 63.39% shareholding in M/s. Vulcan Distilleries P. Ltd. The Assessing Officer held that the funds received by the respondent assessee from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tilleries P. Ltd. who had advanced loans to the respondent assessee. Therefore, the amount of loans made to the respondent assessee cannot be taxed in the hands of the respondent assessee as it is not a shareholder of M/s. Alfa Distilleries P. Ltd. and M/s. Vulcan Distilleries P. Ltd. It is an undisputed position as fairly submitted by Mr. Suresh Kumar that the question raised herein is concluded ..... X X X X Extracts X X X X X X X X Extracts X X X X
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