2017 (12) TMI 61

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....RDER The Court: This appeal is against a decision dated 16th October, 2015 of the Income Tax Appellate Tribunal, Kolkata "B" Bench for assessment years 2006-07 and 2007-08 upholding the assessee's stand that a sum of Rs. 7,60,00,000/- could not be added to its income for the purpose of tax. The Assessing Officer found that the assessee had received the said sum as interest free loan from another ....

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....Whether on the facts and in the circumstances of the case the Ld. Tribunal has erred in law in deleting the addition under section 2(22)(e) of the I.T. Act, 1961, for the assessment year 2007-08 despite the facts that a common shareholder was holding more than 50% of shares in the assessee company and 65% of the shares in the lending company and the condition laid down in second limb of section 2(....