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2016 (10) TMI 584 - AT - Income TaxDeemed dividend u/s 2(22) - revision u/s 263 - Held that:- As decided in assessee’s own case where such a finding that the transactions of assessee with Ganesh Wheat Products (P) Ltd, where the assessee alone does not stand to benefit from such loan transaction, but the company also derives benefit there from, as such transactions assumes the character of a commercial transaction and will not qualify to be dividend to come within the purview of Section 2(22)(e) of the Act. Respectfully following the above decisions of the coordinate Benches of this Tribunal, inasmuch as the proceedings under section 263 of the Act, giving raise to the addition of ₹ 27,68,646/- we hold that the transactions of the assessee with Ganesh Wheat Products (P) Ltd cannot be treated to be dividend to come within the purview of Section 2(22)(e) of the Act, and any additions made on that premise will not survive. We accordingly reach a conclusion that the additions made by the AO and confirmed by the learned CIT cannot be sustained. - Decided in favour of assessee
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