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2016 (2) TMI 970 - BOMBAY HIGH COURT

2016 (2) TMI 970 - BOMBAY HIGH COURT - [2016] 388 ITR 243 - Deemed dividend under section 2(22)(e) - Held that:- The issue raised in the present case is no longer res integra as this court in the case of CIT v. Impact Containers P. Ltd. reported in [2014 (9) TMI 88 - BOMBAY HIGH COURT ] and in the case of CIT v. Universal Medicare P. Ltd. [2010 (3) TMI 323 - BOMBAY HIGH COURT ] has held that a person liable to pay tax on deemed dividend is the person who is the shareholder of the company advanci .....

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deletion of addition under section 2(22)(e) of the Income-tax Act 1961 (the Act). The assessment year is 2007-08. 2. Mr. Pinto, learned counsel for the Revenue urges the following questions of law for our consideration : "(A) Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified in upholding the decision of the Commissioner of Income-tax in deleting the addition of ₹ 2,24,45,000 being loan received by the assessee-company from M/s. Arco Eletr .....

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rs and not in the hands of non-shareholders relying on the decision of the Special Bench in the case of Asst. CIT v. Bhaumik Colour P. Ltd. [2009] 313 ITR (AT) 146 (Mumbai) [SB] ; [2009] 27 SOT 270 (Mum) [SB] as approved by the Delhi High Court in the case of CIT v. Ankitech P. Ltd. [2012] 340 ITR 14 (Delhi) without appreciating that the ratio of the decision in the above cited cases has not been accepted by the Revenue and has been contested before the hon'ble Supreme Court ?" 3. The r .....

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