TMI Blog2014 (9) TMI 318X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee, since the amount had actually been defalcated and was not reflected in the book of account of the assessee - The fact that there was defalcation had been accepted since this amount was allowed as business loss - Even assuming that it was a dividend, it would have to be taxed not in the hand of the assessee but in the hands of the shareholder – Decided against revenue. - INCOME TAX ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s. N.S.N. Jewellers(P)Ltd.namely the assessee, and therefore, the requirement of section 2(22) clause (e) is satisfied. The payment by way of loan or advance is, thus, a dividend. 3. In rejecting the revenue's stand and allowing the appeal of the assesee, the Tribunal referred to the admitted facts. The person may be having a beneficial ownership of the shares of the assessee but the reci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Medicare Pvt. Ltd. need not be reconsidered as requested by the revenue by a larger bench. 6. In the light of above admitted facts, today it is fairly conceded by the appearing parties that the question and issue raised in the present appeal is fully answered and covered by two decisions of this Court referred by us above. In view thereof, the Question is answered in negative against the revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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