9911796707
TMI Blog2021 (4) TMI 399X X X X Extracts X X X X X X X X Extracts X X X X ..... there is no clear finding on that account by both the Revenue Authorities. Therefore it will be appropriate to remand back the entire issues to the file of the Assessing Officer for proper verification and after taking cognizance of all the evidences including statement of account, the Assessing Officer may pass appropriate order according to the provisions of law. Needless to say, the assessee be given opportunity of hearing by following principles of natural justice. Appeal of the assessee is partly allowed for statistical purpose. - I.T.A. No. 5510/DEL/2019 - - - Dated:- 8-4-2021 - SHRI G. S. PANNU , VICE PRESIDENT AND MS SUCHITRA KAMBLE , JUDICIAL MEMBER Appellant by : Sh. A. S. Kohli , CA Respondent by : Ms. Shivani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company. The Assessing Officer further observed that M/s Kohli Estate Pvt. Ltd. had shown loss and advance to Director, Shri Balbir Singh amounting to ₹ 2 lac and the assessee company accumulated profit to the extent of ₹ 9,64,48,707.67/-. No business transaction with Shri Balbir Singh Kohli was declared by the said company other than an amount of ₹ 2 lac which is taxable in the hands of Shri Balbir Singh Kohli as deemed dividend u/s 2(22) (e) of Act. The Assessing Officer observed that after perusal of Shri Balbir Singh Kohli it has shown only income from other sources as interest income. The said company contested the assessment order of Assessment Year 2011-12 of the company where in it was held that the payments made t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on 27/01/2011 by KOHLI ESTATES (P) LTD. (a) The Assessee paid a sum of ₹ 8,23,000/- to KOHLI ESTATES (P) LTD. As unsecured Loan during F.Y. 2005-2006 as interest free financial help to the company. (b) On 27/01/2011 the KOHLI ESTATES (P) LTD. Refunded ₹ 2,00,000/- out of total loan of ₹ 8,23,000/- paid to the company by the Assessee in F.Y. 2005- 2006. (c) On 28/03/2011 a sum of ₹ 8,23,000/- was wrongly refunded to the Assessee instead of ₹ 6,23,000/- of his own loan given to the KOHLI ESTATES (P) LTD. Hence ₹ 2,00,000/- was excess paid by mistake. There was no intention of KOHLI ESTATES (P) LTD. To make a excess payment. This mistake is neither intentioned nor willful but accidently a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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