Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 11 - AT - Income TaxDeemed dividend u/s. 2(22)(e) - assessee submitted that it was not a shareholder in M/s. J.K.M.Overseas (P) Ltd - Held that:- Since the Assessee in the present case is not a shareholder in the lender company, we are of the view that no addition of Deemed dividend u/s. 2(22)(e). See CIT Vs. Universal Medicare Pvt. Ltd.,(2010 (3) TMI 323 - BOMBAY HIGH COURT) and CIT Vs. Ankitech Pvt.Ltd. & others (2011 (5) TMI 325 - DELHI HIGH COURT) Disallowance u/s 14A - Held that:- AO has not given the basis on which he arrived at the disallowance u/s 14A of the Act. In the absence of the basis of the disallowance by the AO we are of the view that the addition made by the AO was rightly deleted. Addition of receipt of undisclosed insurance commission - Held that:- The information received by the AO was a general information and based on TDS returns filed by various persons at various places. The AO could not co-relate the details of the persons from whom the assessee is stated to have received commission. In such circumstances the very basis of the conclusion by the AO that the assessee received insurance commission is devoid of merit. In our view the CIT(A) rightly deleted the addition made by AO as it was not based on any material brought on record.
|