TMI Blog2019 (2) TMI 1443X X X X Extracts X X X X X X X X Extracts X X X X ..... merit in the contention of the learned counsel for the Revenue before us. The appeal of the Revenue, therefore, deserves to be dismissed, following the aforesaid judgment of the Co-ordinate Bench. - Decided against revenue - Tax Case No.1351 of 2007 - - - Dated:- 29-1-2019 - Dr. Justice Vineet Kothari And Dr. Justice Anita Sumanth For the Appellant : Mr.T.Ravikumar Sr.Standing Counsel For the Respondent : Mr.A.S.Sriraman for Mr.S.Sridhar JUDGMENT (DELIVERED BY DR.VINEET KOTHARI,J) The Revenue has filed this Tax Case Appeal under section 260 A of the Income Tax Act, 1961 (in short 'Act') aggrieved by the order passed by the Income Tax Appellate Tribunal, Madras dated 09.03.2007 dismissing the Revenue' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r as husband's assessment is concerned, the Co-ordinate Bench of this Court, in which one of us (Dr.Anita Sumanth,J) was a party, has upheld the order passed by the learned Tribunal, while dismissing the Revenue's appeal in T.C.(A)No.1465 of 2007 dated 19.12.2016 ( Commissioner of Income Tax V. Mr.C.Subba Reddy), holding that payments made by M/s.Ceebros Property Development Private Limited could not be treated as deemed dividend in the hands of the respondent/assessee/husband. The relevant portion of the said judgment of the Co-ordinate Bench of this Court are quoted below for ready reference: '7. The provisions of Section 2(22)(e) impose a deeming fiction and the conditions imposed therein call for strict and concurrent s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansaction was a device designed to circumvent the provisions of Section 2(22)(e) of the Act. The veil was thus lifted and the true facts brought to light. In the present case, there is no such allegation and on the contrary, the concurrent finding is to the effect that no benefit has accrued to the assessee, the credit is the result of a business transaction and is neither in the nature of a loan or a deposit. The decisions relied upon by the revenue do not advance its case, being distinguishable on facts. 10. Various case laws have been cited by the counsel appearing for the Assessee but we do not consider it necessary to advert to the same in view of our conclusion on the facts of the present case, that the provisions of Sections 2(2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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