2025 (2) TMI 1471

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....d, AR & Shri Alpesh Gupta, AR For the Respondent : Shri Praveen Kishore, CIT, DR ORDER PER BENCH : This is an appeal filed by the assessee against the revision order of the Ld. Pr. Commissioner of Income Tax, Kolkata-2 [hereinafter referred to as "the Ld. Pr. CIT"] vide order no. ITBA/REV/F/REV5/2022- 23/1051751459(1) dated 31.03.2023 passed u/s. 263 of the Income Tax Act, 1961 (herein....

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.... (Germany) was deemed dividend. It was submitted by the Ld. AR that as per the decision of the Special Bench of the ITAT in the case of ACIT Vs. Bhaumik Colour (P) Ltd. 118 ITD 1 (Mum. SB), deemed dividend was liable to be taxed only when the lendee is the shareholder of the lender company. It was a submission that in the present case the assessee is not a shareholder of M/s. LEIPL. It was thus su....

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....by jugglery of the accounts and, therefore, sec. 2(22)(e) of the Act should be made applicable. 5. We have considered the rival submissions. A perusal of the facts of the present case clearly shows that the assessee is not a shareholder of M/s. LEIPL, who has given the loan of Rs. 100 Crore to the assessee. As this fact remains uncontroverted and as the principles laid down by the Hon'ble Speci....