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TMI Blog2015 (5) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... enue and it is directed against order passed by Ld. CIT(A)-8, Mumbai dated 19/9/2013 for assessment year 2010-11. Grounds of appeal read as under: 1. On the facts and in the 'circumstances of the case and in law, the Ld.CIT(A) erred in deleting and not treating the loan obtained from the subsidiary company of ₹ 43,56,279/-as deemed dividends ujs.2(22)(e) of the Act, added back by the AO x. 2. On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred in holding that Doubledot Finance Ltd- a company listed in Vadodara Stock Exchange is a company in which the public are substantially interested u/s.2(18)(b)(c) of the Act, in which 59.8% of the equity share capital is held by the assessee company . 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t deletion of addition made under section 2(22)(e) of the Act and the said appeal of the Revenue is dismissed by ITAT. Reference was made to the order of the Tribunal dated 18/07/2014 passed in ITA No.1546/Mum/2012, copy of which is placed on our record and also given to Ld. DR. Ld. DR did not controvert the above submissions of Ld. AR. For the sake of completeness the relevant portion of the order of the Tribunal is reproduced below: This appeal filed by the Revenue on 5.3.2012 is against the order of the CIT (A)-8, Mumbai dated 26.12.2011 for the assessment year 2008-2009. 2. In this appeal, Revenue raised the following grounds which read as under: 1. On the facts and in the circumstances of the case and in law, the CIT (A) er ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hroughout the financial year by Crescent Finstock Limited (the appellant company). ii. Crescent Finstock Limited is a company listed on the Vadodara Stock Exchange. iii. Vadodara Stock Exchange is a recognized stock exchange (SEBI approved) for the purposes of the Income Tax Act. iv. The CBDT circular 372 of 1983 clearly stated that a subsidiary of a company which is a listed company or a wholly owned subsidiary of such subsidiary company referred to earlier are both Companies in which the public are substantially interested. v. This view is roe than amply reinforced by the cases cited by the appellant and discussed earlier in the order. vi. It is not envisaged by law that only wholly owned subsidiary of a Listed Company sha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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