TMI Blog2012 (2) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... was raised. Accordingly, the appellate authorities have applied the explanation to Section 271(1)(c) of the Act. Looking at the nature of explanation offered and the provision in question i.e. Section 14A, which was incorporated by the Finance Act, 2001 with retrospective effect from 1st April, 1962, we do not think in the present case any substantial question of law arises in view of the factual ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... additions before the CIT(Appeals), but was unsuccessful. Appeal filed before the tribunal was dismissed for non-prosecution. 3 The Assessing Officer thereafter passed a penalty order under Section 271(1)(c) of the Act, which as noted above, was set aside and the penalty was deleted by the CIT(Appeals). The tribunal has affirmed the order passed by the CIT (Appeals). 4. During the course of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impliciter. The main activity of the company is to have control over the investee companies. Dividend income is only incidental to the holding of the shares. These are other types of income/rights which are earned from the holding of promoters stake, like Profit on sale of shares Right to appoint Director/Directors fees Right to participate in Rights issue Stock Lending ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in support of its contention had relied upon CIT versus Raeeva Lochan Kanoria, (1994) 208 ITR 616 (Cal.), CIT versus Indian Bank Limited, (1965) 56 ITR 77 (SC), CIT versus Maharashtra Sugar Mills Limited, (1971) 82 ITR 452 (SC) and Rajasthan State Warehousing Corporation versus CIT, (2000) 242 ITR 450 (SC). 6. The CIT (Appeals) and the tribunal have considered the aforesaid explanation given by ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
