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2015 (12) TMI 351 - AT - Income TaxDeemed dividend under section 2(22)(e) - CIT(A) deleted the addition - whether the interest free amount of ₹ 10,00,000/- advanced to the assessee by the company, in which the assessee is 50% shareholder, was neither a trade advance in normal commercial expediency, because no supporting documents exists, nor the premises were given to the said company on leave and licence - Held that:- We have observed that the assessee has received ₹ 10 Lac during the assessment year as advance from M/s Mahavir Dwellers Pvt. Ltd towards the leave and license deposit for office premises of the assessee and the statement has been made before us by the Ld AR of the assessee that these amounts were further received in connection with the same agreement for office premises in assessment years 2008-09 and 2009-10. The issue has already been considered at length by the CIT(A) and also by Mumbai Bench of Tribunal for assessment year 2008-09 [2015 (7) TMI 734 - ITAT AHMEDABAD] whereby the matter is decided in favour of the assessee. Even remand report has been called from the assessing officer by CIT(A) for assessment year 2008-09 whereby the assessing officer has considered at length supporting evidence such as copies of agreement, ledger accounts, bank statements , ledger account in the books of Mahavir Dwellers Private Limited and the assessing officer found it to be correct and arrived at conclusion in favour of the assessee. We uphold the decision of the CIT(A) who has deleted the addition made by the assessing officer - Decided in favour of assessee.
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