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2011 (5) TMI 582 - AT - Income TaxDeemed dividend - TDS u/s 194 - learned CIT(A) has taken a view that the payment made by the assessee to M/s ALM Infotech City (P) Ltd. and Shri Alimuddin is not covered by the provisions contained in Section 2(22)(e) of the Act - learned counsel for the assessee submitted that an agreement was executed between assessee and proprietary concern of Shri Alimuddin to acquire loan suitable for the forthcoming project of the assessee company and the said amount was not utilized by Shri Alimuddin for his personal purposes - in the remand report no adverse comments have been given by the AO in respect of the agreements and memorandum of undertaking executed by the parties on which reliance was placed by the assessee - Held that: payment made to International Land Developers Ltd. does not come under the ambit of Section 2(22)(e) of the Act inasmuch as International Land Developers Ltd. is not a shareholder of the assessee company Regarding payment is of Rs.1,00,25,000 - Under this agreement, the assessee had agreed to advance upto Rs.5 crores to Goldman Malls Pvt. Ltd. to enable it to acquire the title and ownership rights of the land for the projects and to incur other costs and expenses in relation thereto - Decided in favor of the assessee
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