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TMI Blog2019 (10) TMI 448X X X X Extracts X X X X X X X X Extracts X X X X ..... is loan is in the nature of deemed dividend, covered by Section 2(22)(e) of the Act. This issue was admittedly not considered earlier, as no scrutiny Assessment was done under Section 143(3) of the Act but only an Intimation under Section 143(1) of the Act was sent to the Petitioner.. Petitioner had in its objection pointed out that for the same Assessment Year i.e. Assessment Year 2013-14, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M.S. SANKLECHA AND NITIN JAMDAR, JJ. Mr. K. Gopal with Ms. Neha Paranjpe i/b. Satendra Kumar Pandey, for the Petitioner. Mr. Suresh Kumar, for the Respondents. ORDER P.C:- On 17th September, 2019, we passed the following order:- On 22 August 2019, we passed the following order: 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... attracted as the amounts given to the company (in which the petitioner has substantial interest) was for business purposes and not in the nature of advance / loan. 3. Mr. Suresh Kumar, learned Counsel appearing for the respondents seeks time to take instructions and file affidavit-in- reply, if necessary. At his request, the petition is adjourned to 17th September, 2019. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h May, 2019 issued under Section 148 of the Income Tax Act, 1961 (the Act). The impugned notice seeks to re-open the Assessment for Assessment Year 2013-14. The reasons recorded in support of the impugned notice is that, the Petitioner held substantial shareholding in one M/s. D. P. Vora Securities Pvt. Ltd., (M/s. D. P. Vora) and one M/s. Touchstone Capital Market Services Pvt. Ltd., (M/s. Touc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount received by M/s. D.P. Vora from M/s. Touchstone was in the nature of business transaction so as to meet its trading activities. Thus, not hit by Section 2(22)(e) of the Act. The reasons in support of the impugned notice seeks to tax the same transaction as deemed dividend. Prima facie, once it is held on fact that, the advance was on trading account, then no occasion to apply under Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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