2015 (7) TMI 479

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....enue challenges the order passed by the Income Tax Appellate Tribunal, Mumbai dated 23rd November, 2012. The assessment year is 2006-07. 2. The assessee's appeal has been allowed by the Tribunal and that is why the revenue being aggrieved is before us. 3. Mr. Suresh Kumar submits that the questions of law framed at pages 3 and 4 are substantial questions and, therefore, the appeal deserves t....

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....C Securities Pvt. Ltd., therefore, the exclusionary clause was not applicable and reliance placed on the judgment of this Court in the case of CIT v. Parle Plastics Ltd. [2011] 332 ITR 63 was entirely misplaced. 4. We have perused the appeal paper-book with the assistance of Mr. Suresh Kumar, learned counsel appearing for the revenue and Mr. Pardiwalla, learned senior counsel appearing for the as....

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.... on 31st March, 2006, the assessing officer called upon the assessee who is respondent before us to explain as to why the loan amount to the above extent should not be brought to tax in his hands as deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. 6. In reply, the assessee contended that the main object of M/s. JMC Securities Pvt. Ltd. was to carry on business as share and stoc....

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....vailable with the said company. In these circumstances, the Tribunal concluded that that the lending of money is a substantial part of the business of M/s. JMC Securities Pvt. Ltd. The addition made by the assessing officer and sustained by the Commissioner was not valid and legal, particularly in the background facts. In the light of the undisputed factual position, we are of the view that the Tr....