2012 (3) TMI 560

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....ODIA, AM:- This is revenue's appeal 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 Inc....

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....IT Vs Bhaumik Colour Pvt. Ltd. as reported 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 T....