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TMI Blog2016 (6) TMI 552X X X X Extracts X X X X X X X X Extracts X X X X ..... for assessment year 2007-08. Therefore, we heard both the appeals of the Revenue and the cross objection of the assessee together and dispose of the same by this common order. 2. The first issue arises for consideration is deduction u/s 80IA of the Income-tax Act, 1961. 2. Dr.B. Nischal, ld. Departmental Representative submitted that the assessee claimed deduction u/s 80IA from the profit of operation of Container Freight Station. Referring to sec. 80IA of the Act, more particularly, Explanation thereunder, the ld. DR submitted that the definition of 'infrastructure facility' includes a port, airport, inland waterway or inland port. An inland port has been included in the definition of 'infrastructure facility' in addition to inland water ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the CIT(A) by referring to the judgment of the Delhi High Court in the case of M/s Container Corporation of India Ltd. vs ACIT, 346 ITR 140, allowed the claim of the assessee. According to the ld. DR, the Revenue has already filed appeal against the judgment of the Delhi High Court in M/s Container Corporation of India Ltd(supra). 4. Shri A.S Sriraman, ld. Counsel for the assessee submitted that the CIT(A) has rightly allowed the claim of the assessee u/s 80IA of the Act by following his own order in assessee's own case for assessment year 2009-10, therefore, no interference in the order of the CIT(A) is called for. 5. We have considered the rival submissions on either side and also perused the material available on record. The on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received capital advance of Rs. 1,09,50,000/- from M/s Indev Logistics P. Ltd. which has common shareholders who have substantial interest in the assessee-company. The common shareholders are Shri Xavier Britto and Smt. Vimalarani Britto. The ld. DR further submitted that M/s Indev Logistics P. Ltd. has substantial reserves as on 31.3.2010, therefore, the amount received by the assessee as capital advance to the extent of Rs. 1,09,50,000/- is nothing but deemed dividend u/s 2(22)(e) of the Act. The CIT(A) deleted the addition made by the Assessing Officer on the ground that there was a business relationship between the assesseecompany and M/s Indev Logistics P. Ltd. Accordingly, the CIT(A) found that the loan/advance received by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ividend, it has to be assessed only in the hands of the shareholder for whose benefit the money was received. Since the assessee-company is not a shareholder of M/s Indev Logistics P. Ltd., according to the ld. Counsel, there cannot be any addition in the hands of the assessee as deemed dividend u/s 2(22)(e) of the Act. Therefore, the CIT(A) has rightly deleted the addition made by the Assessing Officer. The ld. Counsel has placed his reliance on the decision of Mumbai Special Bench of this Tribunal in CIT vs Bhaumik Colour P. Ltd, 313 ITR(AT) 146. 9. We have considered the rival submissions on either side and also perused the material available on record. It is not in dispute that the assessee has received capital advance of Rs. 1,09,50,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs who are holding the shares in the assessee-company. However, for the purpose of assessing the deemed dividend, it has to be assessed only in the hands of the registered shareholder for whose benefit the money was advanced. In the case before us, in fact, the money was advanced for the benefit of the shareholders, Shri Xavier Britto and Smt. Vimalarani Britto, therefore, the assessment, if any, has to be made only in the hands of Shri Xavier Britto and Smt. Vimalarani Britto and not definitely in the hands of the present assessee. Therefore, this Tribunal do not find any reason to interfere with the order of the CIT(A) and accordingly the same is confirmed. 11. The assessee has filed the cross objection only to support the order of CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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