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2016 (12) TMI 411 - BOMBAY HIGH COURT

2016 (12) TMI 411 - BOMBAY HIGH COURT - TMI - Application of provisions of section 2(22)(e) - ITAT deleted the addition on deemed dividend - Held that:- Question (i) as framed by the Revenue stands concluded against the Revenue and in favour of the respondent assessee by the decision of this Court in Commissioner of Income Tax Vs. Universal Medicare Pvt. Ltd [2010 (3) TMI 323 - BOMBAY HIGH COURT and Commissioner of Income Tax Vs. Impact Containers (P) Ltd. (2014 (9) TMI 88 - BOMBAY HIGH COURT) w .....

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Containers Pvt. Ltd. (supra). This is so as it is undisputed that respondent assessee is not a registered shareholder in the lending company viz. M/s. Sunil Mantri Reality Ltd. - Income Tax Appeal No. 916 of 2014 - Dated:- 29-11-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. Suresh Kumar a/w Ms. Padma Divakar for the appellant None for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 14th November, 2013 passed by the I .....

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2(22)(e) of the Act, in which common shareholder is a member or a partner and such a shareholder has a substantial interest as defined in Explanation 3(b) of section 2(22)(e) of the Act? (ii) Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in confirming the order of CIT(A) that Mr. Sunil P. Mantri was not a shareholder of M/s. Sunil Mantri Trinity Projects P. Ltd. for the period during which loans has been advanced from Sunil Mantri realty Ltd. whi .....

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