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TMI Blog2017 (5) TMI 212X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer computed income of the assessee for the assessment year 2003-04 to Rs. 82,17840/-. The Assessing Officer also levied interest. 4. Being aggrieved by the order of Assessing Officer, the assessee filed an appeal before the CIT(A). The appellate Tribunal partly allowed the aforesaid appeal and other appeals the Assessing Officer also passed separate orders upto the years 2008-09 of assessment. In regard to other appeals, CIT(A) partly allowed these appeals of the assessee. 5. Against the aforesaid orders, assessee as well as revenue filed various appeals before the ITAT as I.T.(SS) A. Nos. 186 to 192/Ind/2012 Assessment Year 2003-04 to 2009-10, I.T.(SS) A. Nos. 261 to 267/Ind/2012 Assessment Year 2003-04 to 2009-10 & I.T.(SS) A. Nos. 193 to 199/Ind/2012 Assessment Year 2003-04 to 2009-10. The Appellate Tribunal vide common order dated 30/04/2013 allowed the appeals of the assessee partly. The Appellate Tribunal in regard to addition made under Section 2(22)(e) of the Income Tax Act remitted the matter back to the Assessing Officer to decide afresh. The Tribunal dismissed the appeals filed by the revenue. The Tribunal set-aside levy of interest under Section 234 of Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he action of the Assessing Officer and the assessee is in further appeal before us. 86. We have considered rival contentions and found that the addition was made u/s 2(22)(e) on account of deemed dividend in respect of alleged loan given by Raj Homes Private Limited to Mrs. Sandhya Sahlot in the assessment year 2004-05, 2007-08, 2008-09 and 2009-10. In the assessment framed u/s 153A, the Assessing Officer observed as under:- "During the course of assessment it was noticed that the assessee was holding equity shareholding in various companies. She was asked the details of various holding in various companies. It was noticed that in three companies i.e. Raj Homes Pvt. Ltd., Raj Events and Entertainment Pvt. Ltd. And Minal Builders Pvt. Ltd., the assessee has significant holdings in various years relevant to A.Y. 2003-04 to 2009-10. While Minal Builders' Pvt. Ltd. And Raj Homes Pvt. Ltd., were engaged in the business of construction and building, Raj events and entertainment Pvt. Ltd., is in the business of newspaper, TV, entertainment and media." 87. The Assessing Officer further observed that the assessee's holdings in these companies were more than 10% and that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 2(22)(e). " 92. We have considered the rival submissions and found from record that basic intention of RHPL while advancing money to REEPL was to make investment of Rs. 1 crore in its directly by RHPL to REEPL and the cheque was also given directly by RHPL TO REEPL and not to the assessee Mrs. Sandhya Sahlot. The assessee has also not withdrawn or used the said amount of Rs. 1 crore for her individual benefit. However, shares were allotted to Smt. Sandhya Sahlot who has transferred the shares to RHPL. By observing that the shares were allotted by REEPL in the name of assessee, the Assessing Officer added the amount of loan in assessee's hands u/s 2(22)(e). While deciding the issue, the Assessing Officer has brushed aside the fact that the cheque was given directly by RHPL to REEPL and that these shares were transferred by assessee to RHPL. It is also matter of record that assessee has neither withdrawn the amount for the personal use, not the cheque of advance was issued in favour of assessee. 93. In view of the above discussion, we restore the matter back to the file of Assessing Officer for deciding afresh by considering the judicial pronouncement as discussed above a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rising before the 1st day of April, 1946 , or after the 31st day of March, 1948 , and before the 1st day of April, 1956 . Explanation 2.-- The expression" accumulated profits" in sub- clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those sub- clauses, and in subclause (c) shall include all profits of the company up to the. date of liquidation, but shall not, where the liquidation is consequent on the compulsory acquisition of its undertaking by the Government or a corporation owned or controlled by the Government under any law for the time being in force, include any profits of the company prior to three successive previous years immediately preceding the previous year in which such acquisition took place]. Explanation 3.- For the purposes of this clause,- (a) " concern" means a Hindu undivided family, or a firm or an association of persons or a body of individuals or a company; (b) a person shall be deemed to have a substantial interest in a concern, other than a company, if he is, at any time during the previous year, beneficially entitled to not less than twenty per cent of the income of such ..... X X X X Extracts X X X X X X X X Extracts X X X X
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