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CIT Kolkata-XII Versus Mahesh Chandra Mantri

2015 (4) TMI 637 - CALCUTTA HIGH COURT

Deemed dividend under Section 2(22)(e) - money received by a company, on account of the share premium - Held that:- In the case before us the provisions contained in Section 78 of the Companies Act, 1956 are applicable. It is interesting to note that .....

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Tax Appellate Tribunal was justified in law in deleting the addition made by the Assessing Officer under Section 2(22)(e) of the Income Tax Act, 1961. For the aforesaid reasons the question formulated at the time of admission of the appeal is answer .....

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dgments The Court :- The question for consideration formulated at the time of admission of the appeal pertaining to the Assessment Year 2001-02 reads as follows :- Whether on the facts and in the circumstances of the case Income Tax Appellate Tribuna .....

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being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise) made after the 31st day of May, 1987, by way of advance or loan to a shareholder, being a person w .....

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s is a member or a partner and in which he has a substantial interest (hereafter in this clause referred to as the said concern) or any payment by any such company on behalf, or for the individual benefit, of any such shareholder, to the extent to wh .....

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t there were accumulated profits lying with the company which made the payment. In the case before us it was never the contention of the revenue that any accumulated profit was lying with the company. Their case is that the company was having a reser .....

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Bhowmick, learned Advocate appearing for the appellant did not dispute that there were no accumulated profits lying with the company. His contention is that there was a reserve created from out of the share premium. Therefore, according to him Sectio .....

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8. The facts and circumstances in that case were altogether different. What had happened in that case was the assessee received a sum of ₹ 50,787/- by way of dividend from Rohtas Industries Ltd.. Rohtas Industries Ltd. in the year 1945 had crea .....

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