2013 (12) TMI 662

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eal filed by the assessee against the order of the ld. C.I.T. (A)- Central-III, Kolkata dated 24.01.2011. The appeal is barred by limitation by 20 days. The assessee submitted the reasons along with the application for condonation of the delay and an affidavit in this regard was also filed . After hearing the ld. DR on the condonation of the assessee, we are of the view that the assessee was pr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ts relating to this ground are that the assessee was having share holding in M/s. Bothra Automative (P) Ltd more than 10%. The assessee had received a loan from the said company. The total amount received by the assessee from the company were to the extent of Rs.66,05,357/-. The company had the reserve and surplus to the extent of Rs.35,63,996/-. The Assessing Officer, therefore, invoked the provi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mount received by the assessee from the company are clear cut in the nature of advances. The assessee was holding share in the company more than 10% The assesee was a beneficial owner as well as share holder of the company. The provision of section 2(22)(e) are clearly applicable in the hands of the assessee even though the company had given advance to the assessee to the extent of Rs.66,95,367/- ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ompany from which the assesee derived dividend income. The AO noted that the assessee paid interest to the extent of Rs.1,16,098/- . The assessee had also received in cash from M.s. Kiran Investments Corporation to the extent of Rs.51,300/-. The AO, therefore, worked out the interest paid by the assessee amounting to Rs.64,798/- but the funds which was taken on loan was invested in the shares. The....