2016 (2) TMI 970

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.... Keyuri Y. Desai instructed by Pankaj R. Toprani JUDGMENT 1. This appeal challenges the order dated April 16, 2013 passed by the Income-tax Appellate Tribunal (Tribunal) confirming the deletion of addition under section 2(22)(e) of the Income-tax Act 1961 (the Act). The assessment year is 2007-08. 2. Mr. Pinto, learned counsel for the Revenue urges the following questions of law for our c....

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....and not in the hands of non-shareholders relying on the decision of the Special Bench in the case of Asst. CIT v. Bhaumik Colour P. Ltd. [2009] 313 ITR (AT) 146 (Mumbai) [SB] ; [2009] 27 SOT 270 (Mum) [SB] as approved by the Delhi High Court in the case of CIT v. Ankitech P. Ltd. [2012] 340 ITR 14 (Delhi) without appreciating that the ratio of the decision in the above cited cases has not been acc....

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....AT) 146 (Mumbai) [SB] ; [2009] 27 SOT 270 (Mum) [SB]. 5. Mr Pinto, learned counsel for the Revenue, very fairly states that the issue raised in the present case is no longer res integra as this court in the case of CIT v. Impact Containers P. Ltd. reported in [2014] 367 ITR 346 (Bom) and in the case of CIT v. Universal Medicare P. Ltd. [2010] 324 ITR 263 (Bom) has held that a person liable to p....