Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 1596 - AT - Income TaxDeemed dividend addition u/s 2(22)(e) - Drawing funds in the form of loans - assessee had received amounts from M/s.Chroma Print India Pvt. Ltd., when he was having debit balances, to the extent of ₹ 14,48,685/- on various dates - HELD THAT:- A perusal of the Hon’ble Calcutta High Court in the case of Shri Pradip Kumar Malhotra [2011 (8) TMI 16 - CALCUTTA HIGH COURT] shows that in the said decision, it was held that if the advance given by the company to the assessee shareholder by way of compensation, was for keeping his property on mortgage on behalf of the company to reap the benefit of a loan, it could not be treated as deemed dividend within the meaning of Sec.2(22)(e) of the Act. In the present case, nothing has been brought on record to show that the amounts received by the assessee was compensation for keeping his property on mortgage on behalf of the company to reap the benefit of a loan. In fact, the facts in the present case clearly show that the assessee has been drawing funds in the form of loans for earlier years also. Decision of the Hon’ble Calcutta High Court has no application in the facts of the assessee’s case. Further, no fresh facts have been brought out by the assessee to dislodge the findings arrived at by the co- ordinate Bench of this Tribunal in the assessee’s own case for the AY 2010-11. This being so, respectfully following the decision of the coordinate Bench of this Tribunal in the assessee’s own case for the immediately preceding assessment year, referred to supra, the findings of the Ld.CIT(A) on this issue stands confirmed. - Decided against assessee.
|