2015 (4) TMI 1199

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....er Shri B.P.Jain, AM : This appeal of the Revenue arises out of the order of ld.CIT(A)-XX, Kolkata dated 23.08.2012 for Assessment Year 2009-10. 2. The Revenue has raised the following grounds of appeal :- "1. That the Ld.CIT(A) while deciding the issue in favour of the assessee failed to understand the facts and circumstances of the case in respect of deemed dividend received from ....

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....ates Pvt. Ltd. The assessee was granted interest bearing loan by all four companies amounting to Rs. 3,50,000/-, 35,00,000/-, 33,00,000/- and 3,60,000/- as mentioned at page 6 of the assessment order. The AO was of the view that the assesee was a shareholder of the aforesaid four companies having substantial interest and therefore granting of such loan has been treated as deemed dividend within th....

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.... " After hearing the Ld. Counsel for the parties and after going through the aforesaid provisions of the Act, we are of the opinion that the phrase " by way of advance or loan" appearing in sub clause (e) must be construed to mean those advances or loans which a shareholder enjoys for simply on account of being a person who is the beneficial owner of shares (not being shares entitled to a....

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....missed. 5. As regards ground no.2 of the revenue the brief facts of the case are that AO made the disallowance u/s 40(a)(ia) of the Act which was deleted by ld. CIT(A) vide para 5.2 of his order following the decisions of the Jurisdictional Tribunal in the case of S.S.Impex ITA No.977/Kol/2011, Capital Transport Corpn ITA NO.1753/Kol/2009 and in the case of Keshan Logistic ITA No.202/Kol/2011. ....