TMI Blog2012 (2) TMI 526X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the respondent-assessee in the first appellate proceeding in the said remand report. In view of the aforesaid, we do not find any merit in the present appeal and the same are dismissed - Decided against revenue - 1296/2011 and ITA 1297/2011 - - - Dated:- 2-2-2012 - MR. JUSTICE SANJIV KHANNA AND MR. JUSTICE R.V.EASWAR ITA For the Appellant : Mr. Abhishek Maratha, Sr. Standing with Ms. Anshul Sharma, Adv. O R D E R These two appeals by the Revenue impugn a common order dated 6.5.2011 passed by the Income Tax Appellate Tribunal (tribunal, for short) in the case of M/s. International Land Development Pvt. Ltd. The appeals relate to assessment year 2005-06 and 2007-08. The Assessing Officer held that Section 2(22)( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act was not applicable. With regard to Alimuddin and Goldman Malls Pvt. Ltd. it was observed that both of them were shareholders of the respondent company but the payments made to them were for business exigencies/business purposes and therefore the deeming provisions were not applicable. No observations were made in respect to ILD Trade Centre. Revenue filed an appeal which has been dismissed by the impugned order. With regard to the loans/advances paid to M/s. ALM Infotech City (P) Ltd. and International Land Developer Ltd. it is an admitted case that both of them were not shareholders of the respondent-assessee. We may note here that M/s. ILD Trade Centres is a unit/division of M/s. ALM Infotech City (P) Ltd. and is not a separate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... incorrect and therefore these payments should be treated as deemed dividend. We are not inclined to accept the said contention. In the present case the Assessing Officer has submitted a remand report to the CIT (Appeals). In their remand reports the Assessing Officer had stated as under:- The assessee has filed the copy of agreements and memorandum of undertaking executed by the parties and other connected papers beside order of the party for the relevant assessment year also filed. The assessee has also explained the business exigencies under which such amount were paid. The assessee has in support relied upon the decisions based on ITAT?s Delhi bench in the case of Smt. Nigam Chawala reported as 28 SOT 503 (Delhi), Bombay Oil Industrie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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