TaxTMI 
TaxTMI 
2021 (4) TMI 940
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....ing in view the reasons given therein, I am satisfied that there was a sufficient cause for the delay of 199 days on the part of the assessee in filing this appeal before the Tribunal. Even the ld. D.R. has not raised any objection in this regard. The said delay is accordingly condoned and this appeal of the assessee is being disposed of on merit. 3. The grounds raised by the assessee in this appeal read as under:- " 1. That under the facts & circumstances of the case Ld. CIT(A) erred in confirming the addition of Rs. 5 ,10 ,590 /- made by AO invoking section 2 (22)(e) being the amount of loan or advance received by the assessee shareholder from M/ s. Akshat Plywood (P) Ltd.; despite such amount was received in the ordinary course of his....
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....y during the year under consideration. According to the Assessing Officer, the said transaction was falling within the purview of section 2(22)(e) of the Act and since M/s. Akshat Plywoods Pvt. Ltd. was having sufficient reserve and surplus, which was more than the loans and advances given to the assessee, the amount of Rs. 7, 68, 000/- was added by the Assessing Officer to the total income of the assessee as deemed dividend under section 2(22)(e) of the Act. 5. The addition made by the Assessing Officer on account of deemed dividend under section 2(22)(e) of the Act was challenged by the assessee in the appeal filed before the ld. CIT(Appeals). During the course of appellate proceedings before the ld. CIT(Appeals), it was submitted on beh....
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.... consideration which is beneficial to the company received from such a shareholder, such advance or loan cannot be said to be deemed dividend within the meaning of section 2(22)(e) of the Act". Explaining further it was observed by Their Lordships that " the gratuitous loan or advance given by a company to those classes of shareholders would come within the purview of section 2(22)(e) but not the loans or advances which are given in return to an advantage conferred upon the company by such shareholder". In the present case, the amount of loan in question was given to the assessee by the concerned company on interest and since the said loan was not a gratuitous one and was given in return to an advantage conferred upon the company by the ass....
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....claim of the assessee that deduction on account of interest on Housing Loan was claimed only to the extent of Rs. 1, 50,000/- and not Rs. 5,18, 115/- as wrongly taken by the ld. CIT(Appeals). If the claim of the assessee is found to be correct on verification, the Assessing Officer shall delete the disallowance of Rs. 3,68, 115/- as directed to be made by the ld. CIT(Appeals) on this issue. Ground No. 2 of the assessee's appeal is accordingly treated as allowed for statistical purposes. 8. As regards the issue involved in Ground No. 3 relating to the disallowance of depreciation on motor car amounting to Rs. 76,401/- and disallowance on motor car maintenance amounting to Rs. 38, 800/-, it is observed that the assessee was owner of two cars....