9911796707
TMI Blog2022 (1) TMI 796X X X X Extracts X X X X X X X X Extracts X X X X ..... ee, Adv. For the respondent: Mr. Anil Kumar Dugar, Adv., Mr. Rajarshi Chatterjee, Adv. T.S. SIVAGNANAM, J. : This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 [the Act, in brevity] is directed against the order dated 03.05.2019 passed by the Income Tax Appellate Tribunal, "A" Bench, Kolkata [the Tribunal] in ITA no.541/Kol/2018 for the assessment year 2012-13. The r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income being deemed dividend under section 2[22][e] of Income Tax Act, 1961 chargeable to tax without making any enquiry and verification whatsoever which rendered the assessment order erroneous so as to prejudicial to the interest of the revenue ? c. Whether the learned Tribunal has committed substantial error in law in setting aside the order passed by Pr. CIT, Central-2, Kolkata under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 143(3) dated 30.03.2016. The second issue is whether Section 2(22)(e) of the Act could have been invoked by the PCIT and directed the Assessing Officer to re-do the assessment by applying the said provision and cause necessary examination of the issue and re-computed the assessee's income. So far as the second issue is concerned, on going through the order passed by the Tribunal, we find that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e course of assessment proceeding and the same were furnished by the assessee. The details of shareholders holding more than 10% shares in the assessee-company was also called for by the Assessing Officer, which was furnished by the assessee. In the tax audit report filed by the assessee along with the return of income, the unsecured loan of Rs. 40 lakhs received by the assessee during the year un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble to the loan amount of Rs. 40 lakhs received by the assessee.Thus, we find that the Tribunal rightly allowed the appeal filed by the assessee and granted relief. The said decision of the Tribunal, therefore, does not call for any interference. In the result, the appeal filed by the revenue is dismissed and the substantial questions of law are answered against the revenue. The application, IA No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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