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2016 (10) TMI 894 - AT - Income TaxDeemed dividend addition under section 2( 22)(e) - Held that:- A perusal of the relevant Balance- sheet of M/s. Mahanagar Properties Pvt. Limited placed by him on record shows that the amount in question paid to the assessee was shown by the said Company as advance under the head “Loans and Advances” and there is nothing to show that the amount in question was paid by the said Company to the assessee as advance against property. There is also nothing brought on record on behalf of the assessee to show that the Unregistered Agreement stated to be entered into with M/s. Mahanagar Properties Pvt. Limited was subsequently cancelled before the property belonging to the assessee was ultimately sold to some third party. Therefore, find no merit in the case of the assessee on this issue and rejecting the same, uphold the impugned order of the ld. CIT(Appeals) confirming the addition made by the Assessing Officer on account of deemed dividend under section 2( 22)(e) of the Act.
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