2017 (5) TMI 255

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....eal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 30th December, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 30th December, 2013 is in respect of Assessment Year 2009-10. 2 The Revenue urges the following question of law for our consideration: "(a) Whether on the facts and in the circumstance of the ca....

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....omes the property of the shareholders which the bank holds only as a custodian and not as owner? 3 Reg Questions (a) & (b): (i) Mr. Tejveer Singh, learned Counsel appearing for the Revenue states that the issue raised herein stand concluded against Revenue and in favour of the Respondent-Assessee by decision of this Court in CIT v/s. Thane Bharat Sahakari Bank Ltd., (Income Tax Appeal No.111....

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....ofits on which the tax had already been paid. However, this was not accepted by the Assessing Officer. Therefore, in the Assessment Order dated 30th December, 2011, the Assessing Officer, inter alia, added the amount of Rs. 6.59 lakhs to the income of the Respondent for the subject Assessment Year. (ii) Being aggrieved, the Respondent-Assessee filed an appeal to the Commissioner of Income Tax (....

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....ed dividend transferred to Reserve Fund would amount to double taxation. The impugned order records the fact that the Revenue did not controvert the aforesaid submission made on behalf of the Respondent-Assessee. In the above view, Tribunal allowed the appeal of the Respondent-Assessee. (iv) The grievance of the Revenue before us is that once dividend is declared by the Respondent-Assessee, it ....