2015 (4) TMI 1199

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....f 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 the companies having accumulated profits in whic....

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.... 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 the meaning of section 2(22)(e) of the Act. 3.1. Before the ld. C....

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....hrough 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 fixed rate of dividend whether with or without a right to participate in p....

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.... 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. 6. We have heard the rival contentions and perused the facts of the case. In t....