2016 (10) TMI 933

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.....R.Agrawal,Suyash Agrawal ORDER Heard Sri Shubham Agrawal, learned Counsel for the department and Sri Suyash Agrawal, learned Counsel for the assessee. This is an income tax appeal under Section 260A of the Income Tax Act, 1961 filed by the department against an order of the Tribunal dated 23.03.2006 for the assessment year 1995-96. The questions of law referred to are hereunder:- ....

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....o explain as to why the provisions of Section 2 (22) (e) of the Income Tax Act, 1961 regarding deemed dividend be not applied. The assessee on the other hand took a plea that the amount as stated above was not in the nature of a loan or advance and, therefore, it would not attract the provisions of Section 2 (22) (e) of the Act. The plea of the assessee was that the transaction was in ordinary ....

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....there was no outgoing or flow of money from DSM Capitals Ltd to the assessee, there was no loan or advance. The department, thereafter, filed an appeal. The appeal has been decided against the department. The Tribunal records a finding of fact in paragraph no.23 of its judgement, which is quoted hereunder:- "Now, coming to the arguments of the ld. Counsel that this payment in any case,....