TMI Blog2014 (1) TMI 1547X X X X Extracts X X X X X X X X Extracts X X X X ..... uction with noscitur a sociis – Relying upon Commissioner Of Income-Tax Versus Nagindas M. Kapadia [1988 (12) TMI 89 - BOMBAY High Court] - the Court excluded from the ambit of "dividend", monies which the assessee received towards purchases – there was no infirmity in the order of CIT(A) and the same is upheld– Decided against Revenue. - ITA No. 309/Ind/2013 - - - Dated:- 20-8-2013 - JOGINDER SINGH AND R.C. SHARMA , JJ. For the Appellant : G.S. Gautam. ORDER:- PER : JOGINDER SINGH The Revenue is aggrieved by the impugned order dated 23.1.2013 passed by the learned first appellate authority. The only ground raised in this appeal pertains to deleting the addition of Rs.14,63,400/- made by invoking section 2(22)(e) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ales Private Limited. The learned Assessing Officer invoked the provisions of section 2(22)(e) of the Act adding Rs.14,63,400/- as deemed dividend in the hands of the assessee. 3.1 On appeal, the learned CIT(A) considered the submissions of the assessee along with certain judicial pronouncements and held that the learned Assessing Officer was not justified in invoking the provisions of section 2(22)(e) of the Act and deleted the addition. The aggrieved Revenue is in appeal before the Tribunal. 3.2 If the totality of facts available on record, observations made in the assessment, conclusion drawn in the impugned order and the arguments of the learned Senior DR are kept in juxtaposition and analysed, we find that the impugned addition was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... % of the voting power of the company. It would make no difference if the payment was out of the asset of the company or otherwise; (c) the money should be paid either by way of advance of loan or it may be "any payment" which the company make on behalf of or for the individual benefit of any share holder or also to any concern in which such share holder is a member or a partner and in which he is substantially interested; and (d) the limiting factor being that these payments must be to the extent of accumulated profits, possessed by such company. Keeping in view rule/observation in mind, we are of the opinion that the word "advance" which appears in the company of the word "loan" could only mean such advance which carries wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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