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TMI Blog2013 (11) TMI 1739X X X X Extracts X X X X X X X X Extracts X X X X ..... as income in the Assessment Order? 2. In the facts and circumstances of the case and as per law, whether the Ld. CIT(A) was justified in directing to indicate specifically the figures of current year s depreciation of ₹37,91,077/- and unabsorbed depreciation of ₹23,35,717/- while giving effect to his order without taking cognizance of the factual and legal position stated in the order u/s. 154 dated 29/02/2012, where the claim of the assessee regarding carried forward and set off of depreciation losses was already rejected? 3. The appellant crave to add, alter any grounds of appeal at any stage of appellate proceedings. 3. The assessee is a company engaged in manufacturer of EHV Class Instrument Transformers. The As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ets of the company or otherwise made after the 31st day of May, 1987, by way of advance or loan to a shareholder, being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits) holding less than ten percent of the voting power or to any concern in which such shareholder is a member of a partner and in which he has a substantial interest (hereinafter in this clause referred to as the said concern) or any payment by any such company on behalf or for the individual benefit, of any such shareholder, to the extent to which the company in either case possesses accumulated profits. Explanation 3 : For the purposes of this clause- (a) con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of advance was made. In present case even though advance was made out of the profits of lending company, but the chief ingredient i.e. registered shareholder and beneficial interest was not existing in assessee s case. Firstly, assessee company was not registered shareholder of lending company and secondly lending company has been distributing dividends every year, hence a question of transfer of funds or distributing the profits does not arise. The ITAT Spl. Bench in the case of ACIT Vs. Bhaumik Color (P) Ltd. (2009) 27 SOT (MUM) (SB), has held that deemed dividend can only be taxed in the hands of a person who is not only a beneficial shareholder, but also a registered shareholder. The said of Bhaumik Color (P) Ltd (supra) has been f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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