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2019 (3) TMI 1289 - ITAT DELHIDeemed dividend under section 2(22)(e) - transactions between the assessee and those companies giving trade advance - HELD THAT:- Transactions in the ledger account of the assessee are in regular course of the business of purchase and sales of the shares/currency/derivatives/commodities etc. The Ld. DR could not controvert the above factual findings of the CIT(A) before us. In view of the above facts, CIT(A) is justified in holding that the transactions between the assessee and those companies are in the nature of trading transactions which are beyond the ambit of deemed dividend in view of the decisions of the Hon’ble Jurisdictional High Court in the case of CIT vs. Creative Dyeing & Printing (P.) Ltd. [2009 (9) TMI 43 - DELHI HIGH COURT]. CIT(A) has followed the above decision of the Hon’ble Delhi High Court. CIT(A) has not committed any error in following the above decision of the Hon’ble Delhi High Court. Accordingly, we uphold the same. The ground of appeal of the Revenue is dismissed.
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