207 Taxman 135 (Mag.) and CIT v. National Travel Services

249 CTR 540High Court2012#24085 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2019.

Judgments citing 207 Taxman 135 (Mag.) and CIT v. National Travel Services

RAJESHRI REALTORS,MUMBAI vs. ACIT-33(3), MUMBAI

In the result, appeal of the assessee is allowed

ITA 6004/MUM/2018[2012-13]Status: DisposedITAT Mumbai24 Apr 2019AY 2012-13

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am Sa No.124/Mum/2019 (Arising Out Of Ita No.6004/Mum/2018) (Assessment Year :2012-13)

Section 143(3)Section 2(22)(e)

…n dispute that the partners of the assessee firm were holding substantial interest in the said assessee firm also. Accordingly, the ld. AO by placing reliance on the decision of Hon’ble Delhi High Court in the case of M/s. National Travel Services reported in 249 CTR 540 (Del) held that the provisions of u/s.2(22)(e) of the Act are directly applicable to the facts of the instant case and accordingly treated the loan amount of Rs.2,84,78,891/- as deemed dividend after satisfying that the lending company had sufficient accumulated profits as per its latest audited balance sheet. The action of the ld. AO was upheld…

DCIT, MADURAI vs. PENGUIN APPARELS P LTD., MADURAI

In the result, the appeal of the Revenue in ITA

ITA 390/CHNY/2014[2009-10]Status: DisposedITAT Chennai27 Apr 2016AY 2009-10

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2230/Mds/2013 & 390/Mds/2014 "नधा"रण वष" /Assessment Years : 2010-2011 & 2009-2010. The Assistant Commissioner M/S. Penguin Apparels P. Ltd. Of Income Tax, Vs. Plot No.2, Meenakshmi Nagar, Circle I(1) Gst Road, Pasumalai, Madurai Madurai 625 004. [Pan Aabcp 7832P] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. A.V. Sreekanth, IRS, JCITFor Respondent: Shri. R. Srinivasan, Advocate
Section 115JSection 143(1)Section 143(2)Section 143(3)

…does not laid down any condition that borrower must hold shares in lending companies. 2.4 The CIT(A) ought to have followed the decision in the cases of CIT v. Bharti Overseas Trading Co. [2012] 207 Taxman 135 (Mag.) and CIT v. National Travel Services [2012] 249 CTR 540 (Delhi), wherein it was held that the borrower need not be a share holder to invoke the deeming provision under section.2(22)(e). 3.1 The CIT(A) failed to note that the commission paid by the assessee company to the foreign agents is only for procuring order abroad for the business of the assessee company in India and thus the commission income…

ACIT, MADURAI vs. M/S. PENGUIN APPARELS P. LTD., MADURAI

In the result, the appeal of the Revenue in ITA

ITA 2230/CHNY/2013[2010-11]Status: DisposedITAT Chennai27 Apr 2016AY 2010-11

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2230/Mds/2013 & 390/Mds/2014 "नधा"रण वष" /Assessment Years : 2010-2011 & 2009-2010. The Assistant Commissioner M/S. Penguin Apparels P. Ltd. Of Income Tax, Vs. Plot No.2, Meenakshmi Nagar, Circle I(1) Gst Road, Pasumalai, Madurai Madurai 625 004. [Pan Aabcp 7832P] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. A.V. Sreekanth, IRS, JCITFor Respondent: Shri. R. Srinivasan, Advocate
Section 115JSection 143(1)Section 143(2)Section 143(3)

…does not laid down any condition that borrower must hold shares in lending companies. 2.4 The CIT(A) ought to have followed the decision in the cases of CIT v. Bharti Overseas Trading Co. [2012] 207 Taxman 135 (Mag.) and CIT v. National Travel Services [2012] 249 CTR 540 (Delhi), wherein it was held that the borrower need not be a share holder to invoke the deeming provision under section.2(22)(e). 3.1 The CIT(A) failed to note that the commission paid by the assessee company to the foreign agents is only for procuring order abroad for the business of the assessee company in India and thus the commission income…

207 Taxman 135 (Mag.) and CIT v. National Travel Services (249 CTR 540) — Cited in 3 Judgments | BharatTax