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2017 (1) TMI 1159 - GUJARAT HIGH COURT

2017 (1) TMI 1159 - GUJARAT HIGH COURT - TMI - Deemed dividend addition u/s 2(22)(e) - Held that:- As the assessee was not share holder of Mahavir Rolling Mills Pvt Ltd to whom loan was given, it cannot be said that the learned Tribunal has committed any error in deleting the addition made by the Assessing Officer on deemed dividend. - Decided in favour of assessee - TAX APPEAL NO. 891 of 2016 - Dated:- 12-1-2017 - MR. M.R. SHAH AND MR. B.N. KARIA, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVO .....

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at the assessee company is not a share holder in Mahavir Rolling Mills Pvt Ltd and no addition could be made u/s 2(22)(e) of the Act, as deemed dividend ? 2.0. The facts leading to the present Tax Appeal in nutshell are as under: 2.1. That the assessee company is engaged in the business of Ship Breaking filed its return of income for AY 200708 declaring total income at ₹ 47,11,510/. The Assessing Officer completed the scrutiny assessment under Section 143(3) of the Income Tax Act by making .....

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he addition made on account of deemed dividend. 2.3. Feeling aggrieved and dissatisfied with the order passed by the learned CIT(A) in deleting the addition made on account of deemed dividend, the Revenue preferred appeal before the learned Tribunal. By impugned judgment and order, the learned Tribunal has dismissed said appeal preferred by the revenue and has confirmed the order passed by the learned CIT(A) deleting the addition made on account of deemed dividend. 2.4. Feeling aggrieved and dis .....

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evenue has vehemently submitted that as one Shri K.K. Bansal who was one of the Director of the company having substantial holding in the company and the assessee has paid interest to the said Shri K.K. Bansal of ₹ 17,55,132/, the learned Assessing Officer rightly made the addition on account of deemed dividend. It is submitted that therefore, the learned Tribunal has materially erred in deleting the addition made by the Assessing Officer made on account of deemed dividend. Shri Manish Bha .....

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whom the loan was advanced, the Assessing Officer was not justified in making the addition of the interest treating as deemed dividend under Section 2(22)(e) of the Act. 5.0. Identical question came to be considered by the Division Bench of this Court in Tax Appeal No. 253 of 2015. After considering the decision of the Bombay High Court in the case of CIT vs. Impact Containers Private Limited & ors rendered in ITA No. 114 of 2012 and the decision of the Delhi High Court in the case of CIT vs .....

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