2020 (10) TMI 1158

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..... come Tax Appellate Tribunal, Chennai, 'D' Bench ('the Tribunal' for brevity) in I.T.A.No.639/MDS/2017 for the Assessment Year 2007-08. The appeal was admitted on 30.01.2018 on the following Substantial Questions of Law: "1. Whether the provisions of Section 2(22)(e) of the Income Tax Act, 1961, can be attracted in the absence of any amount being transferred from a company to its shareholder? 2. Whether, in the absence of any actual amount being transferred from a company to its shareholder, a mere entry in the books of such company can constitute payment by way of advance or loan within the meaning of Section 2(22)(e) of the Income Tax Act, 1961? 3. Whether an entry made in the books of a company, in and of itself, c .....

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..... ion 4 on or before the last date files a declaration to the designated authority in accordance with the provisions of Section 4 in respect of tax arrears, then, notwithstanding anything contained in the Income Tax Act or any other law for the time being in force, the amount payable by the declarant shall be determined in terms of Section 3(a-c) there under. 5. The First Proviso to Section 3 states that in case, where an Appeal or Writ Petition or Special Leave Petition is filed by the Income Tax authority on any issue before the Appellate Forum, the amount payable shall be one-half of the amount in the table stipulated in Section 3 calculated on such issue, in such a manner as may be prescribed. The second proviso deals with the cases, whe .....

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..... unicate the decision to the assessee at the earliest. As observed, the assessee is given liberty to restore this appeal in the event the ultimate decision to be taken on the declaration filed by the assessee under Section 4 of the said Act is not in favour of the assessee. If such a prayer is made, the Registry shall entertain the prayer without insisting upon any application to be filed for condonation of delay in restoration of the appeal and on such request made by the assessee by filing a Miscellaneous Petition for Restoration, the Registry shall place such petition before the Division Bench for orders. 8. With this observation, the Tax Case Appeal stands disposed of with the aforementioned liberty. No costs.
Case laws, Decisions, .....

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