TMI Blog2012 (3) TMI 560X X X X Extracts X X X X X X X X Extracts X X X X ..... peal directed against the order of Ld. CIT(A) XIV, Ahmedabad dated 05.10.11 for the assessment year 2008-09. The grounds raised by the revenue are as under: The Id. Commissioner of Income-Tax (Appeals)-XIV, Ahmedabad has erred in law and on facts in deleting the addition of ₹ 1,86,95,782/- u/s.2(22) (e) of the Act. ii) The Ld. Commissioner of Income-tax (Appeals)-XIV, Ahmedabad has er ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in 118 ITD 01(SB) (Mumbai) (SB). He also submitted that the assessee company is not a shareholder of M/s. Zen Tobacco Pvt. Ltd. from whom unsecured loan of ₹ 4 crores has been taken by the assessee company on 21.02.2008. He submitted that it is observed by the A.O. in the assessment order that Shri Rashmin Majithia had 99.99% equity holding in Zen Tobacco and 25% equity holding in the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9% shares of the loan giver company i.e. Zen Tobacco had been held by one Shri Rashmin Majithia and hence, the assessee company cannot hold the required shares I.T.A.No. 26 /Ahd/2012 of this company and, therefore, the provisions of Section 2(22) (e) are not applicable to the present assessee in respect of this loan taken by the assessee from Zen Tobacco. By respectfully following this decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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