2012 (3) TMI 560

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...., AR ORDER PER SHRI A. K. GARODIA, AM:- This is revenue's appeal directed against the order of Ld. CIT(A) XIV, Ahmedabad dated 05.10.11 for the assessment year 2008-09. The grounds raised by the revenue are as under: "The Id. Commissioner of Income-Tax (Appeals)-XIV, Ahmedabad has erred in law and on facts in deleting the addition of Rs. 1,86,95,782/- u/s.2(22) (e) of the Act....

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....cial bench of the Tribunal rendered in the case of ACIT Vs Bhaumik Colour Pvt. Ltd. as reported in 118 ITD 01(SB) (Mumbai) (SB). He also submitted that the assessee company is not a shareholder of M/s. Zen Tobacco Pvt. Ltd. from whom unsecured loan of Rs. 4 crores has been taken by the assessee company on 21.02.2008. He submitted that it is observed by the A.O. in the assessment order that Shri Ra....