9911796707
TMI Blog2017 (5) TMI 1413X X X X Extracts X X X X X X X X Extracts X X X X ..... . Appeal of assessee allowed for statistical purposes. - ITA No. 4505/MUM/2014 - - - Dated:- 24-4-2017 - Shri Joginder Singh (Judicial Member) And Shri N.K. Pradhan (Accountant Member) Assessee by : Shri Umesh Kolapkar, AR Revenue by: Shri Vishwas Mundhe, DR ORDER Per N. K. Pradhan, AM This is an appeal filed by the assessee. The relevant assessment year is 2010-11. The appeal is directed against the order against the order of Commissioner of Income Tax (Appeals) -20, Mumbai and arises out of the order u/s 143(3) of the Income Tax Act, 1961(the Act ). 2. The grounds of appeal filed by the assessee read as under:- 1. The assessee is an individual, Assessing Officer erred in making addition of deemed dividend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated that as the agreement was not completed due to legal hassles, the amount of ₹ 35 lacs was returned back by him to M/s Shakun Realty Pvt. Ltd. by 31.03.2013. 3.1 The AO found that the contention of the assessee that he had returned the advance received against the property to Shree Shakun Realty Pvt. Ltd. and that there was no application of section 2(22)(e) is not correct. As per the ledger of Shree Shakun Realty Pvt. Ltd. in the books of the assessee, it was seen that the assessee had received excess payments against his loans to the company/ the deposits in lieu of property. In the balance sheet submitted with the return of income for the A.Y. 2010-11 of M/s Home and Beyond Pvt. Ltd. (i.e. Shree Shakun Realty Pvt. Ltd.), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olour of commercial transaction, such self serving Car Lease Agreement has been prepared, subsequently. It is to be reiterated that no prudent businessmen can advance ₹ 9,00,000/- for taking such Car of the Director on lease rent whereas the total purchase price of the is below R.9,00,000/-. Obviously, argument advanced by the Ld. A.R. is not tenable if that facts and circumstances of the case is appreciated and analyzed in its totality. Such argument is not found substantiated nor is found to stand to the test of reasoning. Therefore, in the light of such factual aspects, the finding of the Assessing Officer that there is deemed dividend because appellant is a Director of the Company having 24.15% stake of shares and has obtained loa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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