2017 (5) TMI 255

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Act, 1961 (the Act), challenges the order dated 30th December, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 30th December, 2013 is in respect of Assessment Year 2009-10. 2 The Revenue urges the following question of law for our consideration: "(a) Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in law .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ly as a custodian and not as owner? 3 Reg Questions (a) & (b): (i) Mr. Tejveer Singh, learned Counsel appearing for the Revenue states that the issue raised herein stand concluded against Revenue and in favour of the Respondent-Assessee by decision of this Court in CIT v/s. Thane Bharat Sahakari Bank Ltd., (Income Tax Appeal No.1117 of 2013 dated 17th March, 2015). (ii) In view of the above su .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cepted by the Assessing Officer. Therefore, in the Assessment Order dated 30th December, 2011, the Assessing Officer, inter alia, added the amount of Rs. 6.59 lakhs to the income of the Respondent for the subject Assessment Year. (ii) Being aggrieved, the Respondent-Assessee filed an appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. However, by an order dated 27th September, 2012, the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he impugned order records the fact that the Revenue did not controvert the aforesaid submission made on behalf of the Respondent-Assessee. In the above view, Tribunal allowed the appeal of the Respondent-Assessee. (iv) The grievance of the Revenue before us is that once dividend is declared by the Respondent-Assessee, it becomes the property of the shareholder and the same is merely held by the b .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... entical fact situation, that the view of the Tribunal that no tax is payable or transfer of unclaimed dividend to Reserve Fund, calls for no interference. The above observations were made even when no specific question with regard to the same, had been specifically raised therein. (vi) In view of the above, the question as framed does not give rise to any substantial question of law. Thus, not en .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X