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2015 (10) TMI 1608 - ITAT DELHI

2015 (10) TMI 1608 - ITAT DELHI - [2015] 41 ITR (Trib) 1 (ITAT [Del]) - Deemed dividend addition under section 2(22)(e) - Held that:- Undisputedly, the appellant is not a shareholder of M/s. Country-wide Promoters P. Ltd. It is trite law that the provisions of section 2(22)(e) have no application to non-registered shareholders. The hon'ble apex court in the case of CIT v. C. P. Sarathy Mudaliar [1971 (10) TMI 8 - SUPREME Court] while construing the provisions of section 2(6A)(e) of the Act, 1922 .....

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- SHRI G.C. GUPTA AND SHRI INTURI RAMA RAO, JJ. For the Appellant : Sh. V.S. Rastogi, AR For the Respondent : Sh. T. Vasanthan, Sr. DR ORDER Inturi Rama Rao (Accountant Member).- This is an appeal for the assessment year 2005-06 filed by the assessee-company against the order of the learned Commissioner of Income-tax (Appeals), dated August 26, 2013 on the following grounds of appeal : i. That the orders passed by the Assessing Officer and the Commissioner of Income-tax (Appeals)-XXXIII, New De .....

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0 in I. T. A. No. 3556/DEL/09 for making the fresh assessment and resultantly treating the sum of ₹ 1,73,262 as deemed dividend under section 2(22)(e) of the Income-tax Act all over again. iv. That both the Assessing Officer and the Commissioner of Income- tax (Appeals)-XXXIII, New Delhi erred in confirming the addition of ₹ 1,73,262 on account of deemed dividend under section 2(22)(e) despite the fact that M/s. IAG Promoters and Developers P. Ltd is not a share holder of M/s. Countr .....

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as filed on October 31, 2005, declaring total income at ₹ 39,04,210. The return was processed under section 143(1) of the Income-tax Act, 1961 (for short "the Act") and subsequently the case was selected for scrutiny. The assessment was completed by the Deputy Commissioner of Income-tax, Circle-11, New Delhi on December 28, 2007 at a total income of ₹ 8,98,94,480. While doing so, the Assessment Officer made additions of ₹ 84,993 and ₹ 1,73,261 on account of deem .....

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he Act to the extent of accumulated profits of ₹ 84,993 and ₹ 1,73,261 respectively. On appeal, the Commissioner of Income-tax (Appeals) upheld the addition of ₹ 1,73,261, however, deleted the addition of ₹ 84,993. Aggrieved by this order, the appellant filed an appeal before the Income-tax Appellate Tribunal, Delhi Bench, who vide order dated April 6, 2010 in I. T. A. No. 3556/Del/2009 set aside the issue of addition of ₹ 1,73,262 under section 2(22)(e) of the Act .....

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rder dated August 26, 2013 dismissed the appeal. Aggrieved by that order of the Commissioner of Income-tax (Appeals), the appellant had come up before us with the present appeal. 3. The learned authorised representative vehemently argued that the provisions of section 2(22)(e) of the Act have no application to the case, inasmuch as, the appellant is not a shareholder of M/s. Countrywide Promoters P. Ltd. having an interest of 10 per cent. per annum in the said company. In support of this, the ap .....

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