9911796707
TMI Blog2016 (12) TMI 1750X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee's appeal for Asstt.Year 2003-04 arises against the CIT(A)-6, Ahmedabad's order dated 3.11.2011 passed in case no.CIT(A)-I/ACIT.Cir.1/230/10- 11 in proceedings under section 143(3) r.w.s. 147 of the Income Tax Act, in short "the Act". 2. We come to the relevant pleadings. The assessee raises two substantive grounds interalia challenging validity of reopening followed by the one on merit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vt. Ltd. Perusal of details of AIA Engineering Ltd. pertaining to A.Y.2003-04 shows a balance of Inter-corporate deposit as on 31/03/2003 at Rs. 29,12,271/- as against balance of Rs.Nil in the earlier year. It is further seen that AIA Engineering Ltd. has paid Rs. 104141/- as interest against corporate deposit to M/s. Keyur Financial Services Pvt. Ltd. Further, it is seen that M/s. Keyur Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31/03/2003 was Rs. 35,39,180/-. In view of the above facts, the provision of sec.2(22)(e) are clearly applicable. The loan amount is therefore taxable as dividend, in the case of Shri Bhadresh K. Shah, in view of sec.2(22)(e) of the I. T. Act. Therefore, the undersigned has reason to believe that the income chargeable to tax for the year under consideration (A.Y.2003-04) has escaped assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. Learned departmental representative fails to rebut this factual position. We notice in this background that hon'ble jurisdictional high court in (2013) 30 taxmann.com 1 (Guj) CIT Vs. Mohamed Juned Dadani upholds tribunal's order quashing a similar reopening on the ground that when the Assessing Officer had not made any addition qua the reason recorded in reopening of the assessment, he could ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
