9911796707
TMI Blog2021 (4) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... bringing appropriate material on record and with proper investigation. In the present case, there is no prima facie reason to dispute that GLFPL intended to purchase the space from the assessee and the assessee failed to release the mortgage which consequently led to cancellation of the transaction and returning of the amounts. Hence, we decline to interfere with the order of the ld. CIT(A). Appeal of the revenue is dismissed. - ITA No. 3941/Del/2016 - - - Dated:- 24-3-2021 - Sh. Bhavnesh Saini , Judicial Member And Dr. B. R. R. Kumar , Accountant Member For the Appellant : Ved Jain , Adv. and Akshit Goel , CA For the Respondents : Sunita Singh , CIT-DR ORDER Per Dr. B. R. R. Kumar , Accountant Member The present ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved by the assessee shareholder from certain company against sale of a property is also treated as deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. 3. The undisputed facts of the case are that the assessee, M/s. Genesis Colors Pvt. Ltd. ( GCPL ) has 61.00% shareholding in Genesis Luxury Fashion Pvt. Ltd. ( GLFPL ) a related company. GCPL owned the property located at Plot No. 28, Sector-6, Industrial Estate, IMT Manesar, Haryana, having basement, Ground Floor, First Floor Second Floor with a total area of 4050 Sq.mtrs. GCPL owns the brand Satyapaul and used this premises for warehousing activity. GLFPL is the sole distributors of international brands like Canali, Paul Smith, Jimmy Choo etc. GLFPL intended to purc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to give colour of loan amount as capital advance. 7. Against the contentions of the Assessing Officer, the assessee submitted an agreement, to be enforceable by law, must possess the essential elements of a valid contract as contained in section 10 of the Indian Contract Act. According to Section 10, All agreements are contract if they are made by the free consent of the parties, competent to contract, for a lawful consideration and with a lawful object and are not expressly declared to be void. It was submitted that the entire transaction is supported by the board resolution, agreement to sell and confirmation. There was no dispute about the facts that the amounts have been paid on 30.07.2011 and received back on 21.12.2012 and are ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
