TMI Blog2016 (10) TMI 933X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax, Circle-II, Bareilly [2015 (10) TMI 755 - ALLAHABAD HIGH COURT ] - Decided in favour of assessee - Income Tax Appeal No. 419 of 2006 - - - Dated:- 24-10-2016 - Hon'ble Bharati Sapru And Hon'ble Vinod Kumar Misra, JJ. For the Appellant : S.C.,A.N.Mahajan For the Respondent : R.R.Agrawal,Suyash Agrawal ORDER Heard Sri Shubham Agrawal, learned Counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22) (e) of the Act? The facts of the case are that during the course of assessment proceedings the AO noticed from the list of sundry creditors in the balance sheet of the assessee that there was a credit balance of ₹ 65,46,152/- in the account of M/s DSM Capitals Ltd. The AO asked the assessee to explain as to why the provisions of Section 2 (22) (e) of the Income Tax Act, 1961 regar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to the conclusion that the amount would be treated as a deemed dividend under Section 2 (22) (e) of the Act. The assessee went in appeal before the CIT (A), who allowed the assessee's appeal and held that a substantial part of the business of DSM Capitals Ltd. was of finance and investment and since there was no outgoing or flow of money from DSM Capitals Ltd to the assessee, there was no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in clause (ii) though not fully agreeing with his reasoning that there was no loan or advance in the present case. Therefore, the ground is, dismissed. Learned Counsel for the assessee has also drawn the attention of this Court to a decision of this Court in the Case of Ravi Agarwal vs. Assistant Commissioner of Income Tax, Circle-II, Bareilly wherein also this Court came to the conclusio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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