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2015 (8) TMI 1141 - AT - Income TaxAddition u/s 68 - Held that:- Considering the fact that assessee before us has produced relevant bank statements and explained the source of deposits in the bank account of Shri Ankit Singh and subsequent transfer to assessee’s bank account, we are inclined to remit the matter back to the file of AO for verifying this aspect after examining the relevant bank accounts and decide the issue after due opportunity of being heard to assessee. We make it clear if on verification of the bank statements, assessee’s claim is found to be correct, then, no addition can be made on this count. - Decided in favour of assessee for statistical purposes Addition as deemed dividend u/s 2(22)(e) - Held that:- There is no dispute to the fact that assessee on different dates during the relevant FY has received an amount of ₹ 45 lakh from M/s Euro Constructions Pvt. Ltd. wherein assessee is the Managing Director and majority shareholder. It is also not disputed that the said company is a company wherein public are not substantially interested. It is also a fact on record that during the year the company had accumulated profits. Therefore, all the conditions of section 2(22)(e) are satisfied. Though, assessee has claimed that the amount received was not in the nature of loan/advance, but, towards purchase of land in the name of company, however, assessee has not produced even a single evidence to justify the aforesaid claim. In these circumstances, assessee’s claim that the amount received was not in the nature of loan/advance cannot be accepted. However, as can be seen from assessee’s account in the books of M/s Euro Construction Pvt. Ltd. there is a credit balance of ₹ 7,55,896.50 in February, 2009. Therefore, assessee deserves to get credit for the said amount by setting it off against total advance of ₹ 45 lakh. In the aforesaid view of the matter, we direct AO to reduce the amount of ₹ 7,55,896.50 from the total loan/advance of ₹ 45 lakh and treat the balance amount as deemed dividend u/s 2(22)(e) of the Act. - Decided partly in favour of assessee.
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