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TMI Blog2013 (12) TMI 662X X X X Extracts X X X X X X X X Extracts X X X X ..... er of the ld. C.I.T. (A)- Central-III, Kolkata dated 24.01.2011. The appeal is barred by limitation by 20 days. The assessee submitted the reasons along with the application for condonation of the delay and an affidavit in this regard was also filed . After hearing the ld. DR on the condonation of the assessee, we are of the view that the assessee was prevented from some cause to file the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... having share holding in M/s. Bothra Automative (P) Ltd more than 10%. The assessee had received a loan from the said company. The total amount received by the assessee from the company were to the extent of Rs.66,05,357/-. The company had the reserve and surplus to the extent of Rs.35,63,996/-. The Assessing Officer, therefore, invoked the provisions of section 2(22)(e) of the Act and made the add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut in the nature of advances. The assessee was holding share in the company more than 10% The assesee was a beneficial owner as well as share holder of the company. The provision of section 2(22)(e) are clearly applicable in the hands of the assessee even though the company had given advance to the assessee to the extent of Rs.66,95,367/- but the AO had restricted the addition to Rs.35,63,996/- to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oted that the assessee paid interest to the extent of Rs.1,16,098/- . The assessee had also received in cash from M.s. Kiran Investments Corporation to the extent of Rs.51,300/-. The AO, therefore, worked out the interest paid by the assessee amounting to Rs.64,798/- but the funds which was taken on loan was invested in the shares. The assessee had derived dividend income on these shares to the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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