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The Commissioner of Income Tax Versus MB. Stockholding Pvt Ltd

2015 (5) TMI 232 - GUJARAT HIGH COURT

Rectification application u/s.154 - ITAT directing AO not to include the current profit to be part of accumulated profit while determining the amount of deemed dividend - Held that:- Considering the provisions of Section 2(22)(e) more particularly, Explanation 2 to Section 2(22)(e) of the Act, it cannot be said that the Tribunal has committed any error in directing the Assessing Officer not to include the current profit to be part of accumulated profit while determining the amount of deemed divi .....

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the profit accrues when the books of account are closed. - Decided against the Revenue. - Tax Appeal No. 772 of 2007 - Dated:- 23-4-2015 - M. R. Shah And S. H. Vora,JJ. For the Appellant : Mrs Mauna M Bhatt, Adv. For the Respondent : None JUDGMENT (Per : Honourable Mr. Justice M. R. Shah) 1. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal, 'B' Bench, Ahmedabad dated 20.10.2006 passed in ITA No.3229/Ahd/2003 for A .....

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main issue in the appeal before it was not how to compute the accumulated profit for the purpose of 2(22)(e) but the issue was whether the Assessing Officer was right in rejecting the assessee's rectification application u/s.154 on the ground that there was no mistake apparent from the record? (C) Whether the Appellate Tribunal has not erred in law and on facts in not adjudicating the issue in appeal relating to order u/s.154 and thereby transgressing from the main issue?" 2. Mrs. Bhatt .....

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e the submissions on merits and submitted that the learned Tribunal has materially erred in not properly interpreting and/or considering the Explanation 2 to Section 2(22)(e) of the Act. It is submitted that as per Explanation 2 to Section 2(22)(e) of the Act, for the purposes of 'accumulated profit', the current year profit upto the date of distribution has to be taken into account. It is submitted that, therefore, the learned Tribunal has materially erred in deciding the issue on merit .....

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