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2016 (10) TMI 542 - AT - Income TaxRevision u/s 263 - deemed dividend addition u/s 2(22)(e)- assessee is challenging this finding by contending that the deemed dividend, if any, is taxable in the hands of the person, who is the shareholder of the lender Company and not in the hands of the persons or entities other than the shareholder - Held that:- Here in this case, M/s. Birendra Chandra Saha admittedly is not a shareholder in M/s. Mascot Woodcraft Pvt. Ltd. and the loan was advanced to the assessee-company. The beneficiary shareholder of M/s. Mascot Woodcraft Pvt. Limited, i.e. Smt. Kamala Saha is not the registered shareholder of M/s. Mascot Woodcrafts Pvt. Limited. In these circumstances, the decision of this Tribunal in the case of Bhaumik Colour (P) Limited [2008 (11) TMI 273 - ITAT BOMBAY-E ] is applicable on all fours. Respectfully following the same, we hold that the ld. CIT is not justified in making the addition of ₹ 95,70,953/- under section 2(22)(e) of the Act as deemed dividend. - Decided in favour of assessee.
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