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TMI Blog2019 (1) TMI 2001X X X X Extracts X X X X X X X X Extracts X X X X ..... unal [ 2018 (3) TMI 1575 - ITAT DELHI] Dated 26.03.2018 in the case of same assessee in which for A.Y. 2009-2010 [ 2018 (3) TMI 1575 - ITAT DELHI] , the Tribunal has considered the similar issue in Departmental Appeal on Ground No.3 - On the facts and circumstances of the case, the Ld. CIT(A) has erred in deleting the addition made by the A.O. on account of benefit of perquisite under section 2(24)(iv) of the I.T. Act, 1961 Following the reasons for decision of the Coordinate Bench of the Tribunal, we set aside the Orders of the authorities below and restore the matter in issue to the file of A.O. for reconsideration as is directed by the Tribunal vide Order dated 26.03.2018 [ 2018 (3) TMI 1575 - ITAT DELHI] Appeal of the Department i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ained that Section 2(24)(iv) of the I.T. Act, would not apply in the case of the assessee. The assessee has neither received any interest income nor any interest income has accrued to it. It is only a real income that can be brought to tax. In the absence of any real income, there could be no taxability. The addition made by the A.O. are of hypothetical income and not of any real income. The A.O. himself has recognized the additions as on account of notional interest. The assessee relied upon the decisions of Hon ble Apex Court in the case of Godhra Electricity Co. Ltd., (1997) 225 ITR 746 (SC). It was submitted that there is no involvement of any benefit or perquisite given by the company to the assessee. There is no payment for any obli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the provision is inapplicable in the present case. Regarding the amount of Rs.4,39,47,033/- received from Amarpali Infrastructure Pvt. Ltd. (AIPL), it is seen from the ledger account that no such amount was actually received but there are only journal entries passed debiting the appellant s account and correspondingly crediting the UHC account to enhance the promoters contribution in the joint venture project between AIPL and UHC. These book entries were made to facilitate bank finance for the project and do not have any tax implication as such. In this factual background of the matter, the addition made was not warranted, cannot be legally sustained and are deleted. This decision is in accordance with the decision taken earlier vide ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of Rs.34,06,230/- made by the A.O. on account of benefit of perquisite under section 2(24)(iv) of the I.T. Act, 1961. The Ld. D.R. referred to the findings of the Tribunal in para 48 of the Order which reads as under : 48. (iv) ..In view of above findings, we set aside ground No. 3 of the appeal of the revenue to the file of the Ld. assessing officer with a direction to the assessee to show before him that how the about transaction of receiving loan from a firm to the assessee free of interest where a company where the assessee is director which is provided huge interest free funds to such firm is not chargeable to tax as income under section 2(24)(iv) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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