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TMI Blog2021 (8) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... and then decide the issue. Hence, the learned CIT(A) remitted the matter to the AO and directed him decide the issue after the receipt of Supreme Court order on the above. We note that the NATIONAL TRAVEL SERVICES VERSUS COMMISSIONER OF INCOME TAX, DELHI, VIII [ 2018 (1) TMI 1159 - SUPREME COURT] has not reversed its order on the issue but has referred to a Larger Bench. Further we note that as per section 251 of the Act there is no power of learned CIT(A) to remand the matter. In this view of the matter the order of learned CIT(A) remanding the issue the file of assessing officer is not at all sustainable. In this regard learned counsel of the assessee has also referred to the decision of honourable Bombay High Court for the propositi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... different orders giving effect to the CIT(A) order, which is a unique methodology unknown in law. 4. On the facts and circumstances of the case and in law, the learned CIT (A) erred in disallowing a sum of ₹ 10,000/- under section 14A of the Income Tax Act, 1961. 5. On the facts and circumstances of the case and in law, the learned CIT (A) erred in disallowing a sum of ₹ 60,310/- being payment made towards site expenses on ad hoc basis. 3. At the outset learned counsel of the assessee submitted that he shall not be pressing ground No. 4 and 5. Hence ground No. 4 and 5 are dismissed as not pressed. 4. As regards the grounds of appeal pressed the same relates to issue of treatment of deemed dividend of the unsecur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e) of the I.T. Act. The deemed dividend would be limited to the extent of loan accepted during the year of account or the accumulated profit available in the Reserves Surplus of the lender company, whichever Is less. In this case, the gross receipt of loan by the assessee from M/s. Trivedi Enterprises Pvt. Ltd. is ₹ 1,05,00,000/- and the profit and loss a/c appropriation reported by M/s. Trivedi Enterprises Pvt. Ltd. is (sic),26,14,450/- (opening balance-₹ 1,19,38,845/-). 7. Against the order assessee appeal before the learned CIT(A). Learned CIT(A) accepted the assessee's plea that the disallowance if any should be restricted to be 75 lakhs. However as regards the plea of the assessee that assessee is not a registere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18. This being the case, we are of the view that the whole object of the amended provision would be stultified if the Division Bench judgment were to be followed. Ankitech's case (supra), in stating that no change was made by introducing the deeming fiction insofar as the expression shareholder is concerned is, according to us, wrongly decided. The whole object of the provision is clear from the Explanatory memorandum and the literal language of the newly inserted definition clause which is to get over the two judgments of this Court referred to hereinabove. This is why shareholder now, post amendment, has only to be a person who is the beneficial owner of shares. One cannot be a registered owner and beneficial owner in the sens ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ' A' Bench, Mumbai in ITA No. 7765/Mum/2011 in the case of M/s. Apurva Developers Pvt. Ltd. vs. ITO for A.Y. 2005-06. In that case, the Hon'ble ITAT, 'A' Bench, Mumbai has directed the AO to wait and follow the decision as per Para 19 of the above judgment of the Hon'ble Supreme Court. Taking a cue from the order of the Hon'ble ITAT, I direct the AO to follow the decision of the Hon'ble Supreme Court as per para 19 of its order in the case of National Travel Services Pvt. Ltd. vs. CIT (supra) once the Hon'ble Supreme Court decides the issue. The AO will allow further relief of ₹ 75 lakhs in case the Hon'ble Supreme Court decides the issue in favour of the appellant. It is however clarified tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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