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2019 (6) TMI 1101 - HC - Income TaxLimitation for passing order u/s.201(1) - TDS u/s 194 - deemed dividend u/s. 2(22)(e) - HELD THAT:-Tax Appeal is admitted on the following substantial questions of law: “[A] Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal is right in dismissing the appeal of the Revenue without appreciating the fact that Section 201(3) of the Act was amended by the Finance Act, 2012 with retrospective effect from 01/04/2010 whereby the limitation wad substituted from four years to six years for passing the order u/s. 201/(1) of the Act where the TDS statement had not been filed. [B] Whether on the facts and circumstances of the case and in law, the Appellate Tribunal is right in dismissing the appeal of the Revenue without appreciating the fact that as per the amended provisions of Section 201(3) of the Act by the Finance Act, 2012 with retrospective effect from 01/04/2010 the limitation for passing order u/s.201(1) of the Act in the case of the assessee for the year A.Y. 201011 expires only 31/03/2016 i.e. within six years from the end of the financial year in which the loan of ₹ 2.07 crores was given to Shri Prakash Khatri, Chairman and Managing Director of the assessee company, who was holding 98.20% shareholding in company during the period under consideration, which was constituted as deemed dividend u/s. 2(22)(e) of the Act. [C] Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal is right in dismissing the appeal of the Revenue without appreciating the fact that the assessee had not deducted the tax at source as required under the provisions of Section 194 of the Act from the loan of ₹ 2.07 crores given to Shri Prakash Khatri, Chairman & Managing Director of the assessee company, who was holding 98.20% shareholding in the company during the period under consideration, which was constituted as Deeded Dividend u/s. 2(22)(e) of the Act and accordingly clause (ii) of Section 201(3) of the Act as amended by the Finance Act, 2012 with retrospective effect from 01/04/2010 is applicable? [D] Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal is right in dismissing the appeal of the Revenue relying on TATA TELESERVICES VERSUS UNION OF INDIA & 1 [2016 (2) TMI 414 - GUJARAT HIGH COURT] ?
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