TMI Blog2015 (4) TMI 551X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal. On due consideration of the reasonings assigned by the learned Income Tax Appellate Tribunal, we are of the view that the finding recorded by the learned Tribunal is based on appreciation of material on record. No substantial question of law arises in this appeal. - Decided against revenue. - I.T.A.No.42/2014 - - - Dated:- 8-4-2015 - P.K.Jaiswal And Alok Verma JJ. For the Appellant : Shri R.L.Jain, learned senior counsel with Ms. Veena Mandlik, learned counsel For the Respondent : None Heard on admission. ORDER The only grievance of the Revenue relates to deleting the addition of ₹ 76,89,300/- on account of deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961 merely on the ground t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The AO however did not agree with the assessee's claim as regards to the nature of such receipts, The AO was of the view that the amount was in the nature of loans and advances and accordingly he added the same treating that as deemed dividend u/s 2(22)(e) of the I T Act. During assessment proceedings, the assessee had claimed for having less than 10 % equity shares of Ayush Ajay Construction Pvt Ltd and on that ground also pleaded that section 2(22)(e) was not applicable. As regards to the nature of receipts. the AO has based his reasoning onto the accounts of the assessee appearing the books of Ayush Ajay Construction Pvt Ltd in which the entries starts from opening balance and subsequent entries were made on dates ranging from 24.04. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.4] In addition to that company is also received ₹ 3,300/- on account of share application money however since application for allotment was not received in the prescribed format in the stipulated time so that company has accounted the said amount as Current liability under the schedule-7 of the Audited Balance Sheet. 2.5] Copy of Audited Balance Sheet of our company as on 31.03.07 duly highlighting the Share application money received of ₹ 82,06,000/- and ₹ 3,300/- under the head current liabilities is enclosed herewith. 1. Moreover schedule - VII of the balance sheet of Ayush Ajay Construction Pvt Ltd also reflects the investment of ₹ 82,09,300/- of that company as application money of private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 76,89,300/- is deleted. Accordingly assessee's ground stands allowed. The learned Tribunal on due consideration of the reasonings assigned by the Appellate Authority, so also the record found that the assessee has filed copy of the relevant share application money, account of share application money, copy of the Board's resolution for allotment of shares, copy of form no.2 with ROC for allotment of shares and held that the documentary evidence clearly establishes that the money so received was on account of share application money and dismissed the appeal. On due consideration of the reasonings assigned by the learned Income Tax Appellate Tribunal, we are of the view that the finding recorded by the learned Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X
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