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Income Tax Appellate Tribunal, “C” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO & SHRI AMARJIT SINGH
सुनवाई की तायीख / Date of Hearing : 16.12.2015 घोषणा की तायीख /Date of Pronouncement : 16.12.2015 आदेश / O R D E R PER D. KARUNAKARA RAO, AM:
This appeal filed by the Revenue on 2.8.2013 is against the order of the CIT (A)-21, Mumbai for the assessment year 2007-2008. In this appeal, Revenue raised the following solitary ground which reads as under: “On the facts and circumstances of the case and in law the CIT (A) Erred in deleting the addition of Rs. 55 lakhs representing deemed dividend u/s 2(22)(e) of the Act.”
At the outset, Ld Counsel for the assessee demonstrate that this is the case where the assessee is merely a beneficial owner of the companies between whom there was a loan transaction recorded in their respective books of accounts. In the assessment, AO invoked the provisions of section 2(22)(e) of the Act in this case of beneficial owner only ignoring the settled legal proposition that the said provisions are not to be invoked in the case of such beneficial owner. For this proposition, he relied on the order of the Tribunal in the case of DCIT vs. Vikas Oberoi ( 37 Taxman.com 46) (Mum – ITAT), wherein one of us (AM) is a party to the said order [ITA Nos. 4363 to 4364, 4440 & 4495 of 2011, dated 20.3.2013]. The said proposition is approved by the Hon’ble jurisdictional High Court in the case of CIT vs.