9911796707
TMI Blog2017 (6) TMI 875X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of the Madras High Court in Ennore Cargo Container Terminal P. Ltd (2017 (4) TMI 615 - MADRAS HIGH COURT) this Tribunal is of the considered opinion that the assessment U/s.2(22)(e) of the Act, has to be made only in the hands of the registered shareholder. The assessee company admittedly is not a registered shareholder. There cannot be any assessment in the hands of the assessee, as rightly s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee submitted that admittedly the assessee company received ₹ 10.38 crores as loan from M/s. Cheran Spinners Ltd. The assessee company is not a shareholder in M/s. Cheran Spinners Ltd. However, there are some common shareholders in both the companies. Referring to the judgment of the Madras High Court in CIT v. Ennore Cargo Container Terminal P. Ltd in T.C (A) Nos. 105 106 of 2017 date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the benefit of the shareholders of the assessee company. Referring to the judgment of the Apex court in Gopal and Sons (HUF) v CIT, Kolkatta, civil appeal No.12274 of 2016, the Ld.DR submitted that on identical situation, the Apex court found that the assessment can be made in the hands of HUF. This judgment of the Apex court was distinguished by the Madras High Court in M/s. Ennore Cargo Containe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a registered shareholder nor beneficial shareholder. Therefore it was found that the judgment of the Apex court in Gopal and Sons HUF (supra) is not applicable at all. In view of the judgment of the Madras High Court in Ennore Cargo Container Terminal P. Ltd (supra), this Tribunal is of the considered opinion that the assessment U/s.2(22)(e) of the Act, has to be made only in the hands of the reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
