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2015 (1) TMI 1256 - AT - Income TaxDeemed dividend u/s.2(22)(e) - Held that:- Since there is continuous and substantial business transaction between PPPL and Shri Chhatrapati Press and considering the fact that the amount of ₹ 2 crores has been adjusted against the bills for printing labour charges, therefore, in view of the decision of the Hon’ble Delhi High Court in the case of Creative Dyeing and Printing Pvt. Ltd. cited (2009 (9) TMI 43 - DELHI HIGH COURT ) the amount of ₹ 2 crores cannot be taxed u/s.2(22)(e) of the I.T. Act. In this view of the matter, we set aside the order of the CIT(A) and direct the AO to delete the addition - Decided in favour of assessee
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