2016 (11) TMI 394

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..... 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 3rd May, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 200506. 2. This appeal raises following question of law for our consideration: "(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was .....

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..... see as deemed dividend under Section 2(22)(e) of the Act. 3. It is not the case of the Revenue that the respondent assessee company is a mere shell and Capt. Salvi and company are one and the same. In fact, the Assessing Officer proceeds on the basis that as the assessee company and M/s. Alfa Distilleries P. Ltd. and M/s. Vulcan Distilleries P. Ltd. had common shareholders, therefore, the amounts .....

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..... in Commissioner of Income Tax Vs. Universal Medicare Pvt. Ltd. 324 ITR 263 and Commissioner of Income Tax Vs. Vs. Impact Containers (P) Ltd. 367 ITR 346 that deemed dividend has to be taxed in the hands of the shareholder 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. .....

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