TMI Blog2015 (12) TMI 351X X X X Extracts X X X X X X X X Extracts X X X X ..... before us by the Ld AR of the assessee that these amounts were further received in connection with the same agreement for office premises in assessment years 2008-09 and 2009-10. The issue has already been considered at length by the CIT(A) and also by Mumbai Bench of Tribunal for assessment year 2008-09 [2015 (7) TMI 734 - ITAT AHMEDABAD] whereby the matter is decided in favour of the assessee. Even remand report has been called from the assessing officer by CIT(A) for assessment year 2008-09 whereby the assessing officer has considered at length supporting evidence such as copies of agreement, ledger accounts, bank statements , ledger account in the books of Mahavir Dwellers Private Limited and the assessing officer found it to be co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct,1961(Hereinafter called the Act ). The case was reopened u/s 147/148 of the Act for the reason that the deemed dividend u/s 2(22)(e) of the Act of ₹ 10,00,000.00 has escaped assessment. The assessee in the balance sheet of his proprietary concern M/s Mahavir Consultancy has shown outstanding interest free loan of ₹ 10 lac from M/s Mahavir Dwellers P. Ltd as at 31st March 2007. The assessee is a director in M/s Mahavir Dwellers Pvt. Ltd and holds 50% shares. The said company M/s Mahavir Dwellers P. Ltd. is having reserve and surplus in its balance sheet amounting to ₹ 17,06,499/- as on 31.03.2007. The assessee submitted before the assessing officer that the said company M/s Mahavir Dwellers Pvt. Ltd, is doing money lend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses at 4th and 5th Floor with Kalamboli Structurals Roofings P. ltd. vide agreement dated 10.10.2006 against which the assessee has made total payment of ₹ 1,86,68,440/- for both the floors including stamp duty and registration charges as against the total consideration of ₹ 7,21,60,200/- for both the floors. The assessee submitted that the said company M/s Mahavir Dwellers Pvt. Ltd did not have its own office and was functioning from the business premises of the assessee , the said company thought it fit to take at least one floor on leave and license basis from the assessee. Since the possession of the office premises was to be received on or before 31.12.2008, the assessee has made total payment of ₹ 2,81,28,440/- for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0, the CIT(A) has deleted the addition. The CIT(A) for the impugned assessment year after considering the submissions of the assessee deleted the addition of ₹ 10 lac u/s 2(22)(e) of the Act after considering the fact that assessee has received the amounts of ₹ 10 Lac during the assessment year on account of business expediency as M/s Mahavir Dwellers Pvt. Ltd. has taken business premises on leave and license basis from the assessee for his business purpose which was duly reflected in their balance sheet as on 31.03.2007. 4. Aggrieved by the order of CIT(A), the Revenue is in appeal before us. 5. The ld. DR relied upon the order of the assessing officer. 6. The assessee relied upon the order of the CIT(A) and submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es submitted by the assessee before the Ld. CIT(A) and the sequence of events narrated have been duly verified with the supporting evidences such as copies of agreements,bank statements,ledger accounts , ledger accounts in books of Mahavir Dwellers Pvt. Ltd etc. , and same is found correct. 16. After considering the facts and submissions and the remand report , the Ld. CIT(A) observed that the loans given by the company to the assessee is a normal commercial transaction and accordingly deleted the addition. 7. We have considered the rival submissions and perused the material on record. We have observed that the assessee has received ₹ 10 Lac during the assessment year as advance from M/s Mahavir Dwellers Pvt. Ltd towards ..... X X X X Extracts X X X X X X X X Extracts X X X X
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