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2019 (8) TMI 800 - AT - Income TaxDeemed dividend u/s 2(22)(e) - assessee was in receipt of loan from an entity namely M/s Lucky Vyapar and Holdings Pvt. Ltd - admittedly common shareholder hold substantial interest in both the entities - appellant is not a registered shareholder in lender company - HELD THAT:- We have carefully heard the rival submissions and perused relevant material on record. We find that Ld. first appellate authority has deleted the impugned additions by relying upon the decision of jurisdictional High Court in CIT VERSUS IMPACT CONTAINERS PVT. LTD AND OTHERS [2014 (9) TMI 88 - BOMBAY HIGH COURT]. Therefore, respectfully following the binding judicial precedent in the shape of decisions of Hon’ble Bombay High Court and the decision of coordinate bench of the Tribunal, we confirm the stand of Ld. first appellate authority in deleting the impugned addition and dismiss revenue’s appeal.
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