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2012 (5) TMI 457 - AT - Income TaxDeemed dividend u/s 2(22)(e) - assessee's shareholding in Claris Lifesciences Ltd. was less than 10% - advance on a date prior to 03.03.2006 - held that:- since on the date of receipt of the amount, the assessee was having less than 10% of beneficial interest in that company, by no stretch of imagination the amount of Rs. 25 lacs received by the assessee can qualify as deemed income under the provisions of Section 2(22)(e) - Held that: the provisions of Section 2(22)(e) of the Act are not applicable in the present case under these facts - Decided in favor of the assessee Addition u/s 43B on account of service tax - The assessee enclosed a copy of the service tax payable account and service tax receivable account for the financial year 2005-06. It was further submitted by the assessee before the A.O. that the amount of consultancy fee credited to P and L account does not include service tax and expenditure debited to P and L account also does not include services tax as the company is merely an agent or government and is liable to collect and pay service tax in accordance with the provisions of law - Held that: even if this balance amount of Rs.10.93,542/- was paid by the assessee after 31.03.2006 but before the date of filing of return of income of the present year being 29.12.2006, assessee is eligible for deduction u/s 43B of the act in respect of future payment whether by way of cash or by way of adjustment against service tax receivable account - Decided in favor of the assessee
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