Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 469 - AT - Income TaxTaxability of Deemed Dividend - Shri K.Pratap is a shareholder the companies in his individual capacity, and the assessee company itself is not the shareholders - Held that:- the appellant company is not a shareholder in M/s. Golden Gate Properties Ltd. and therefore the provisions of section 2(22)(e) are not applicable. Advance of Rs.1,23,50,000 received by the assessee company cannot be treated as deemed dividend. In this view of the matter, we find no infirmity in the impugned order of the CIT(A), which is accordingly confirmed, and the grounds of the Revenue in its appeal are dismissed - in favour of assessee. Addition made in Income by Assessing Officer - Appeal by Assessee - Assessee contended that in Survey which take place in premises of assessee director of the assessee company, Shri K.Pratap, admitted an additional income tax of Rs.5,00,000 for the financial year 2006-07 relevant to the assessment year 2007-08, but did not offer the corresponding income for the assessment year 2007-08. Not convinced with the explanation of the assessee in this behalf, the assessing officer made an addition of Rs.15,00,000/- to the income returned by the assessee, to cover the income relatable to the additional income tax admitted at the time of survey, to be paid for the year under appeal. Held that:- Impugned addition made by assessing office is merely based on the above statement and without pointing out any deficiencies in the books of account or bringing on record any material to substantiate the addition of Rs.15,00,000 is not justified and has to be disallowed - in favour of assessee.
|