2019 (6) TMI 1756

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....ities comprise of share investment, commodity derivatives, loans etc. Assessee electronically filed its return of income on 19.11.2014 for A.Y. 2014-15 declaring total income at Rs. 6,52,690/-. The case was selected for scrutiny and thereafter assessment was framed u/s 143(3) of the Act vide order dated 29.11.2016 and the total income before set off of brought forward losses was determined at Rs. 1,13,40,566/- and the total income after set off of brought forward loss was determined at Rs. 66,34,187/- Aggrieved by the order of AO, assessee carried the matter before Ld. CIT(A), who vide order dated 29.03.2017 (in appeal No. CIT(A), Pune-1/10539/2016-17) granted partial relief to the assessee. Aggrieved by the order of Ld. CIT(A), assessee is....

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....to assessee to be deemed dividend u/s 2(22)(e) of the Act and he accordingly made its addition. Aggrieved by the order of AO, assessee carried the matter before Ld.CIT(A), who upheld the order of AO by observing as under : "10.I have carefully considered the facts of the case as well as reply of the appellant. In this case, it is seen that reply of the appellant that the account was in the nature of current account cannot be accepted. Loan account does not mean that the amount is required to be maintained at static level. Even in loan account fresh borrowings and repayments on time to time can take place and if that happens character of the loan account will not change to current account. In this case, from the perusal of ledger ac....

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....in ITA No.2367/PUN/2017 order dated 18.12.2018) in assessee's favour by observing as under : "6. I have heard the rival submissions and perused the material on record. The issue in the present ground is with respect to addition made u/s 2(22)(e) of the Act. It is an undisputed fact that assessee is a holding company of Four C Diamonds Pvt. Ltd., as it holds more than 99% of its shares. It is assessee's contention that it has running account with its subsidiary in the nature of current account with Four C Diamonds Pvt. Ltd., and the account is having transactions of receipts and payments of money. The copy of the ledger account of Four C Diamonds Pvt. Ltd., placed in Paper Book shows that as on 01.04.2012 assessee was to receive Rs.....