2011 (5) TMI 1052

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....porting the order of the learned Commissioner of Income Tax (A). The appeal and cross-objection are being disposed of by this common order for the sake of convenience. 2. Briefly stated the facts of the case are that the assessee company is engaged in the business of providing financial services. It filed return declaring the income at Rs. 1,23,311/-. During the course of assessment proceedings, the AO on examination of balance-sheet observed that the assessee has obtained unsecured loan of Rs. 37,50,000/- from Gazebo Developers Pvt.Ltd. a group Company. It was further observed that the assessee and the group company had a common shareholding pattern as under : Sr. No. Name of the shareholder Gazebo Developers Pvt. L....

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....e by the AO. 4. Being aggrieved by the order of the learned Commissioner of Income Tax (A), the Revenue is in appeal before us challenging in all the grounds that the deletion of addition of Rs. 37,50,000/- made by the AO u/s 2(22)(e) of the Act. 5. At the time of hearing, the learned D.R. supports the order of the AO. 6. On the other hand, the representative of Shri M.P.Sharma, Chartered Accountant of the assessee-company submits an application seeking adjournment on the ground that Shri Sharma is leaving out of Mumbai on a urgent social call. However, later on he did not press the same and submits that he has no objection if the Bench decides the issue.. 7. We have carefully considered the submissions of the rival parties and ....