CIT v. Creative Dyeing & Printing Pvt. Ltd.

318 ITR 476High Court2009#887 most cited

What is CIT v. Creative Dyeing & Printing Pvt. Ltd. authority for?

Genuine trade advances or amounts advanced for bona fide business transactions, driven by commercial expediency, do not fall within the definition of deemed dividend under section 2(22)(e) of the Income-tax Act.

119

judgments rely on this decision, according to BharatTax’s citation analysis of 367,518 Indian tax judgments — from 2012 to 2026.

Also referred to as

Creative Dyeing & Printing Pvt. Ltd. · Section 2(22)(e) · deemed dividend · trade advances · commercial expediency · business transactions · definition of dividend · inter-company advances · Section 115-O · Section 115Q

Sections most often in play

Section 2(22)(e)Section 143(3)Section 147Section 148Section 115-OSection 115QSection 132Section 142(1)
Read the full judgment

Issues it is cited on

section 115qaccumulated profitsdeemed dividendsection 2(22)section 2(22)(e)dividend distribution taxbeneficial ownerbusiness expediencystatement under section 132(4)commercial expediencyreason to believesection 132(4)

Judgments citing CIT v. Creative Dyeing & Printing Pvt. Ltd.

Hareendran Nair Janardhanan Nair, Trivandrum vs. Deputy Commissioner of Income Tax, Central Circle, Thiruvananthapuram, Trivandrum

ITA 809/COCH/2023[2019-20]Status: DisposedITAT Cochin06 Nov 2024AY 2019-20

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Smt. Sandhya Arti, CAFor Respondent: Dr. S. Pandian, CIT-DR
Section 153ASection 250

…sment as upheld in the CIT(A) findings. Learned counsel’s only case is that the assessee and the said company had been having a current running account containing various contra entries and therefore, case law(s) CIT Vs. Creative Dyeing and Printing Pvt. Ltd. 318 ITR 476 (Delhi) & Pradip Kumar Malhotra Vs. CIT 338 ITR 538 (Cal); already goes against the department on the very issue as such sum(s) could not be terms as either loans or advances; as the case may be. 6. The Revenue on the other hand has chosen to place strong reliance on the impugned addition made in both the lower proceedings. Faced with this situa…

Hareendran Nair Janardhanan Nair, Trivandrum vs. Deputy Commissioner of Income Tax, Central Circle, Thiruvanathapuram

ITA 808/COCH/2023[2018-19]Status: DisposedITAT Cochin06 Nov 2024AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Smt. Sandhya Arti, CAFor Respondent: Dr. S. Pandian, CIT-DR
Section 153ASection 250

…sment as upheld in the CIT(A) findings. Learned counsel’s only case is that the assessee and the said company had been having a current running account containing various contra entries and therefore, case law(s) CIT Vs. Creative Dyeing and Printing Pvt. Ltd. 318 ITR 476 (Delhi) & Pradip Kumar Malhotra Vs. CIT 338 ITR 538 (Cal); already goes against the department on the very issue as such sum(s) could not be terms as either loans or advances; as the case may be. 6. The Revenue on the other hand has chosen to place strong reliance on the impugned addition made in both the lower proceedings. Faced with this situa…

ACIT Circle- 61(1), New Delhi vs. Adiish Jain, New Delhi

ITA 284/DEL/2021[2016-17]Status: DisposedITAT Delhi12 Jan 2024AY 2016-17

Bench: Shri M. Balaganesh & Shri Anubhav Sharmaacit, Circle-61(1), New Delhi (Appellant)

For Appellant: Shri Satish Aggrawal, CAFor Respondent: Shri Kanv Bali, Sr. DR
Section 143(3)Section 2(22)(e)

…. Further, the transactions carried out between two entities had benefited both the entities. The issue in dispute is also covered by the decision of the Hon'ble Jurisdictional High Court in the case of CIT Vs. Creative Dyeing and Printing Pvt. Ld reported in 318 ITR 476 wherein it was held as under:- "9. In the present case the Tribunal on considering decisions in various cases held as under: "From the ratio laid down in above cases and on the basis of judicial interpretation of words, „Loans“ or „Advances“, it can be held that section 2(22)(e) can be applied to „Loans“ or „Advances“ simplicitor and not to those…

Saamag Developers Pvt. Ltd., New Delhi vs. DCIT, Central Circle-19, New Delhi

In the result, appeal of assessee is partly allowed

ITA 2204/DEL/2018[2013-14]Status: DisposedITAT Delhi16 Jun 2023AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh. Chandra Mohan Gargsaamag Developers Pvt. Vs. Dcit Ltd. Central Circle – 19 B-67, Sarita Vihar, B, New Delhi New Delhi-110 076 Pan No. Aajcs 4952 R (Appellant) (Respondent) Assessee By Srhi M. P. Rastogi, Adv. Revenue By Shri Kirti Sankratyayan, Sr. D.R. Date Of Hearing: 12.05.2023 Date Of Pronouncement: 16.06.2023

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

…g the course of business and for the purpose of business and therefore, it could not be added u/s 2(22)(e) of the Act. In support of his aforesaid contention, he placed reliance on the decisions in the case of CIT vs. Creative Dye & Printing Works reported in 318 ITR 476 (Del), Bombay Oil Industry vs. DCIT reported in 28 SOT 383 (Mumbai), Ravindra R. Fotedar vs. ACIT reported in 167 ITD 100 (Mumbai) & Saamag Developers Pvt. Ltd. ITA No.3618/Del/2014 dated 12.01.2010. In support of his contentions that the transactions between the assessee and Saga Developers P. Ltd. was in the nature of current account, he pointe…

Vishnu Aggarwal, Faridabad vs. ITO, Faridabad

In the result, the appeal of the assessee is allowed

ITA 358/DEL/2017[2013-14]Status: DisposedITAT Delhi06 Apr 2023AY 2013-14

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandraasstt. Year : 2013-14

For Appellant: Shri K.C. Singhal, AdvocateFor Respondent: Shri Umesh Takyar, Sr. DR
Section 145(3)Section 2(22)(e)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI G.S. PANNU, HON’BLE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Asstt. Year : 2013-14 Vishnu Aggarwal, Vs. ITO, Ward-11(4) H.No. 1669, Faridabad Sector-55 Faridabad PAN AGAPA1634N (Appellant) (Respondent) Assessee by: Shri K.C. Singhal, Advocate Shri Umesh Seth, Advocate Department by: Shri Umesh Takyar, Sr. DR Shri Sumit Kumar Verma, Sr. DR Date of Hearing 07.04.2022 06.01.2023 Date of 06.04.2023 Pronouncement O R D E R PER ASTHA CHANDRA, JM The appeal by the assessee is directed against the order dated 23.12.2016 of the Ld. Commiss…

Bineeta Singh, Gurgaon vs. ACIT Circle-5(1), New Delhi

In the result, appeal of the assessee is allowed

ITA 3373/DEL/2019[2013-14]Status: DisposedITAT Delhi19 Jan 2023AY 2013-14

Bench: Shri Chandra Mohan Garg & Shri Narendra Kumar Billaiyaassessment Year: 2013-14 Ms. Bineeta Singh, The Acit Circle 5(1), Flat No. 126, Aspen Greens, New Delhi Nirwana Country, Gurgaon, Vs. Haryana 122003 Pan Aqeps3259D (Appellant) (Respondent) For Assessee : Shri Ajay Wadwa, Advocate Ms. Bharti Sharma, Ca Revenue For : Shri P. Praveen Sidharth Sr. Dr

For Appellant: Shri Ajay Wadwa, Advocate
Section 147Section 2(22)Section 250

…n 2(22)(e) of the Act were not applicable. In this judgment Hon’ble Calcutta High Court has also referred to the judgement of Hon’ble jurisdictional High Court Delhi in the case of Commissioner of Income Tax vs. Creating Dying & Printing Pvt. Ltd. reported as 318 ITR 476 (Del). 10. First of all, we may note that the assessee has repaid an amount of Rs. 50,00,000/- during the relevant financial period Ms. Bineeta Singh leaving balance of Rs. 44,00,000/-only. In the present it is also not dispute that the company has paid market rate of interest by the assessee on the amount of advance and in the real sense the a…

Principal Commissioner of Income Tax Central 1 Kolkata vs. M/S Dulichand Champalal Textile

Accordingly, the appeal fails and dismissed

ITAT/253/2022HC Calcutta09 Jan 2023

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 9Th January, 2023 Appearance : Mr. Prithu Dhudheria, Adv. …For Appellant. Mr. S.M. Surana, Adv., Adv. ..For Respondent

Section 2(22)(e)Section 260ASection 68

…n 2(22)(e) of the Act the learned Tribunal had followed the decision of this Court in Pradip Kumar Malhotra Vs. CIT ; 2011 338 ITR 538 (Cal), as well as the decision of the High Court of Delhi in the case of CIT Vs. Creative Dying & Printing (P) Ltd. ; [2009] 318 ITR 476 (Delhi) and dismissed the appeal filed by the revenue affirming the order passed by the CIT(A). Thus we find that there is no substantial questions of law arising for consideration in this appeal. Accordingly, the appeal fails and dismissed. (T.S. SIVAGNANAM, J.) (HIRANMAY BHATTACHAR…

Archana Sharma, Ghaziabad vs. DCIT, Circle- 1, Ghaziabad

In the result the appeal of the assessee is partly allowed

ITA 1268/DEL/2018[2014-15]Status: DisposedITAT Delhi26 Jul 2022AY 2014-15

Bench: Sh. Anil Chaturvedi & Ms. Astha Chandraarchana Sharma Vs. Dcit Ii F/130, Nehru Nagar, Circle – 1 Ghaziabad Ghaziabad Pan No. Ayups 6374 F (Appellant) (Respondent) Assessee By Shri Akhilesh Kumar, Adv. Shri Pushkar Pandey, Adv. Revenue By Shri Rajinder Jha, Sr. D.R. Date Of Hearing: 28.04.2022 Date Of Pronouncement: 26.07.2022 Order Per Anil Chaturvedi, Am : This Appeal Filed By The Assessee Is Directed Against The Order Dated 04.12.2017 Passed By The Commissioner Of Income Tax (Appeals) – Ghaziabad Relating To Assessment Year 2014-15. 2. Brief Facts Of The Case As Culled Out From The Material On Record Are As Under:-

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

…eafter submitted that loans or advances given for the business expediency or for the benefit of company cannot be considered to be deemed dividend and for aforesaid proposition, he relied on following decision: 1. CIT vs. Creative Dyeing and Printing (P) Ltd. 318 ITR 476 (Del). 2. Yashovardhan Taygi 184 ITD 461 (Del) 8. He thereafter submitted that assessee is maintaining a running current account with company whereby assessee gives personal funds to the company without interest from time to time to support company financially and on 01.04.2013 amount of Rs.41,75,281/- was receivable from the company and Rs.9,64…

DCIT, Bangalore vs. Shri. Sumir J Hinduja, Bangalore

In the result, appeals filed by the revenue and COs filed by the assessee are dismissed

ITA 1374/BANG/2012[2006-07]Status: DisposedITAT Bangalore22 Jul 2022AY 2006-07

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2006-07 Shri Jagadish N. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aacph7291Q Appellant Respondent Assessment Year: 2006-07 Shri Sumir J. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aaeph5197H Appellant Respondent C.O. No.48/Bang/2013 (Arising Out Of Ita No.1373/Bang/2012) Assessment Year: 2006-07 Shri Jagadish N. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent C.O. No.49/Bang/2013 (Arising Out Of Ita No.1374/Bang/2012) Assessment Year: 2006-07 Shri Sumir J. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent Appellant By : Shri Susan Dolores George, D.R. Respondent By : Shri Ashok A Kulkarni, A.R.

For Appellant: Shri Susan Dolores George, D.RFor Respondent: Shri Ashok A Kulkarni, A.R
Section 147Section 148Section 2(22)(e)

…admitting that there was information regarding lending of money by GI to the appellant, as stated in the recorded reasons, still such lending on the material placed before the A.O. Was in the course of business and as per the decisions of Delhi High Court in 318 ITR 476 (Departmental SLP dismissed) there was no case for invoking Sec.2(22)(e). (h) Even otherwise there was no lending to the assessee as such as could be gathered from whatever material was available in the recorded reasons and the reference to the General Ledger Report adverted to in the recorded reasons do not at all show that any money was lent t…

DCIT, Bangalore vs. Shri. Jagadish N Hinduja, Bangalore

In the result, appeals filed by the revenue and COs filed by the assessee are dismissed

ITA 1373/BANG/2012[2006-07]Status: DisposedITAT Bangalore22 Jul 2022AY 2006-07

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2006-07 Shri Jagadish N. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aacph7291Q Appellant Respondent Assessment Year: 2006-07 Shri Sumir J. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aaeph5197H Appellant Respondent C.O. No.48/Bang/2013 (Arising Out Of Ita No.1373/Bang/2012) Assessment Year: 2006-07 Shri Jagadish N. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent C.O. No.49/Bang/2013 (Arising Out Of Ita No.1374/Bang/2012) Assessment Year: 2006-07 Shri Sumir J. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent Appellant By : Shri Susan Dolores George, D.R. Respondent By : Shri Ashok A Kulkarni, A.R.

For Appellant: Shri Susan Dolores George, D.RFor Respondent: Shri Ashok A Kulkarni, A.R
Section 147Section 148Section 2(22)(e)

…admitting that there was information regarding lending of money by GI to the appellant, as stated in the recorded reasons, still such lending on the material placed before the A.O. Was in the course of business and as per the decisions of Delhi High Court in 318 ITR 476 (Departmental SLP dismissed) there was no case for invoking Sec.2(22)(e). (h) Even otherwise there was no lending to the assessee as such as could be gathered from whatever material was available in the recorded reasons and the reference to the General Ledger Report adverted to in the recorded reasons do not at all show that any money was lent t…

Wep Peripherals Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Circle-7(1)(2), Bangalore

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 1905/BANG/2017[2012-13]Status: DisposedITAT Bangalore14 Jul 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2012 – 13

For Appellant: Shri K.R. Pradeep, A.R. &For Respondent: Shri Srinivas Rao Bandaru, D.R
Section 143(3)Section 2(22)(e)

…e assessee for keeping his property as mortgage on behalf of the company to reap the benefit of loan7;as deemed dividend within the meaning of s. 2(22)(e).—CIT vs. Creative Dyeing & Printing (P) Ltd. (2010) 229 CTR (Del) 250 : (2009) 30 DTR (Del) 143 : (2009) 318 ITR 476 (Del) and CIT vs. Nagindas M. Kapadia (1989) 75 CTR (Born) 161: (1989) 177 ITR 393 (Born) relied on.” 10.4 Further, same view was taken by Ahmedabad bench in the case of Krishna Coil Cutters Pvt. Ltd. cited (supra), wherein it was held as under:- “9.2 In this factual backdrop, the CIT(A) has adjudicated the issue in favour of the assessee and he…

DCIT, Circle-1*1(, New Delhi vs. Aalap Digital Music P.Ltd, New Delhi

In the result, the appeal of the Revenue in ITA No

ITA 5733/DEL/2017[2013-14]Status: DisposedITAT Delhi21 Mar 2022AY 2013-14

Bench: Shri Aakash Deep Jainshri N.K. Billaiya.

For Appellant: Shri Nirbhay Mehta, AdvFor Respondent: Ms. Alka Gautam, Sr. DR
Section 2(22)(e)

…in it was held that the trade advances given to the assessee by the company could not be treated as deemed dividend u/s 2(22)(e) of the Act. Similar view was taken by the Hon'ble High Court of Bombay in the case of CIT Vs Creative Dyeing & Printing Pvt. Ltd. 318 ITR 476 and also by the Hon'ble High Court of Calcutta in the case of Pradip kumar Malhotra Vs CIT 338 ITR 538. 16. Considering the factual matrix of the transactions, we do not find any error or infirmity in the findings of the ld. CIT(A). 17. In the result, the appeal of the Revenue in ITA No. 5733/DEL/2017 is dismissed. The order is pronounced in…

DCIT, New Delhi vs. M/S Futurz Next Services Ltd., New Delhi

In the result, the appeal filed by the Revenue is dismissed

ITA 3556/DEL/2016[2011-12]Status: DisposedITAT Delhi04 Jan 2022AY 2011-12
For Appellant: Shri Ved Jain, Advocate &For Respondent: Shri Satpal Gulati, CIT, DR
Section 132Section 142Section 153A

…ully justified in deleting the addition. He also relied on the following decisions:- i) CIT vs. Raj Kumar (2009) 318 ITR 462 (Del); ii) CIT v, Sunil Sethi in ITA No. 569/2009 dated 03.02.2010 (Delhi HC); iii) CIT v. Creative Dyeing & Printing Pvt. Ltd. [2009] 318 ITR 476 (Del); 35 iv) CIT v. Arvind Kumar Jain in ITA No. 589 of 2011 dated 30.09.2011 (Delhi HC); v) Krishan Murari Lal Agarwal v. DCIT [2013] 59 SOT 136 (ITAT, Agra Bench) 28.3 He also relied on the CBDT Circular No.19/2017 dated 12.06.2017 whereby it has been clarified that the advances which are in the nature of commercial transactions would not fa…

Geeta Bhasin, Noida vs. JCIT, Range- 32, New Delhi

In the result, appeal filed by the assessee is partly allowed

ITA 4600/DEL/2017[2011-12]Status: DisposedITAT Delhi09 Nov 2021AY 2011-12

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing) Geeta Bhasin, Vs. Jcit, C/O. Sandeep Sapra, Adv, C-763, Range-32, New Friends Colony, New Delhi New Delhi Pan: Acdpb6005D (Appellant) (Respondent)

For Appellant: Shri Sandeep Sapra, AdvFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 143Section 2Section 68Section 69A

…) (para 5) Jamuna Vernekar v. Dy. CIT [IT Appeal No. 43 of 2013, dated 10-2-  2021] (para 5) Bagmane Constructions (P.) Ltd. v. CIT [2015] 57 taxmann.com  120/231 Taxman 260 (Kar.) (para 5)  CIT v. Creative Dyeing & Printing (P.) Ltd. [2009] 184 Taxman 483/318 ITR 476 (Delhi) (para 5) CIT v. Ambassador Travels (P.) Ltd. [2008] 173 Taxman 407/[2009]  318 ITR 376 (Delhi) (para 5). 41. The learned departmental representative vehemently supported the orders of the lower authorities and submitted that merely because the loan has been repaid by the assessee subsequently cannot come to the rescue of the assessee. I…

DCIT Corporate Circle 1, Coimbatore vs. Indo Shell Automotive Systems India Pvt. Ltd., Coimbatore

In the result, appeal filed by revenue is dismissed

ITA 1882/CHNY/2018[2013-14]Status: DisposedITAT Chennai08 Sept 2021AY 2013-14

Bench: Shri V.Durga Rao & Shri G.Manjunathaआयकर अपील सं./I.T.A.No.1882/Chny/2018 ("नधा"रणवष" / Assessment Year: 2013-14) Deputy Commissioner Of Income Tax, Vs M/S. Indo Shell Automative Corporate Circle-1, Systems India Pvt. Ltd. Coimbatore. A-9, Sidco Industrial Estate, Kurichi,Coimbatore-641 021. Pan: Aabci 3140D (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. Arjunraj, C.A for ""
Section 143(3)Section 2(22)Section 2(22)(e)Section 36(1)(va)

…rmal course of business of the assessee. Therefore, in our view, same is outside scope of provisions of section 2(22)(e) of the Act. This view is supported by the decision of Hon’ble Delhi High Court in the case of CIT vs. Creative Dyeing & Printing Pvt.Ltd, 318 ITR 476, where it was clearly held that advances made by a company to a sister concern and adjusted against dues for job work done by sister company is outside scope of provisions of section 2(22)(e) of the Act. This legal position has been accepted by CBDT and issued circular No.19/2017 dated 12.06.2017 and clarified that trade advances which are i…

ACIT Corporate Circle 2, Coimbatore vs. Late Shri Naren Rajan, Rep.by L/H Smt. Padmini V.R, Coimbatore

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

ITA 1161/CHNY/2018[2012-13]Status: DisposedITAT Chennai09 Aug 2021AY 2012-13

Bench: Shri Mahavir Singh & Shri G. Manjunatha

For Appellant: Shri K.R. Vasudevan, Advocate &For Respondent: Shri G. Srinivasa Rao, CIT
Section 2(22)(e)

…sian Business Connections (P) Ltd Vs. DCIT - 101 Taxmann.com 455, relying on the various decisions at Paras 36, 37 held at Para 39, which is extracted below; “36. Similarly in the case of CIT v. Creative Dyeing & Printing (P.) Ltd. 120091 184 taxmann.com 483/318 ITR 476 (Delhi) Hon’ble High Court held “that the section 2(22)(e) can be applied to ‘loans or advances’ simplicitor and not to those transaction carried out in the course of business as such. In the course of carrying of business transaction between the company and the stockholder the company may be required to give advance in mutual interest. There is…

Padmini Rajan, L/R of Late (Shri) Naren Rajan, Coimbatore vs. DCIT Corporate Circle 2, Coimbatore

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

ITA 1002/CHNY/2018[2012-13]Status: DisposedITAT Chennai09 Aug 2021AY 2012-13

Bench: Shri Mahavir Singh & Shri G. Manjunatha

For Appellant: Shri K.R. Vasudevan, Advocate &For Respondent: Shri G. Srinivasa Rao, CIT
Section 2(22)(e)

…sian Business Connections (P) Ltd Vs. DCIT - 101 Taxmann.com 455, relying on the various decisions at Paras 36, 37 held at Para 39, which is extracted below; “36. Similarly in the case of CIT v. Creative Dyeing & Printing (P.) Ltd. 120091 184 taxmann.com 483/318 ITR 476 (Delhi) Hon’ble High Court held “that the section 2(22)(e) can be applied to ‘loans or advances’ simplicitor and not to those transaction carried out in the course of business as such. In the course of carrying of business transaction between the company and the stockholder the company may be required to give advance in mutual interest. There is…

Naren Rajan, Coimbatore vs. ACIT, Coimbatore

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

ITA 743/CHNY/2015[2011-12]Status: DisposedITAT Chennai09 Aug 2021AY 2011-12

Bench: Shri Mahavir Singh & Shri G. Manjunatha

For Appellant: Shri K.R. Vasudevan, Advocate &For Respondent: Shri G. Srinivasa Rao, CIT
Section 2(22)(e)

…sian Business Connections (P) Ltd Vs. DCIT - 101 Taxmann.com 455, relying on the various decisions at Paras 36, 37 held at Para 39, which is extracted below; “36. Similarly in the case of CIT v. Creative Dyeing & Printing (P.) Ltd. 120091 184 taxmann.com 483/318 ITR 476 (Delhi) Hon’ble High Court held “that the section 2(22)(e) can be applied to ‘loans or advances’ simplicitor and not to those transaction carried out in the course of business as such. In the course of carrying of business transaction between the company and the stockholder the company may be required to give advance in mutual interest. There is…

DCIT, New Delhi vs. M/S Gen X Commodities (P) Ltd., New Delhi

In the result, the appeal filed by the Revenue is dismissed

ITA 3561/DEL/2016[2011-12]Status: DisposedITAT Delhi27 Jul 2021AY 2011-12

Bench: Shri R.K. Panda & Shri K.N. Chary[Assessment Year: 2011-12] Dcit, M/S Gen X Commodities (P) Central Circle-29, Ltd. Room No.318, 3Rd Floor, Fa-45, Shivaji Enclave, Ara Centre, New Delhi-110027 Jhandewalan Extn. New Delhi Pan-Aaaca2969B Revenue Assessee

Section 132Section 14ASection 153ASection 2(22)(e)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘A’: NEW DELHI (Through Video Conferencing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI K.N. CHARY, JUDICIAL MEMBER [Assessment Year: 2011-12] DCIT, M/s Gen X Commodities (P) Central Circle-29, Ltd. Room No.318, 3rd Floor, FA-45, Shivaji Enclave, ARA Centre, New Delhi-110027 Jhandewalan Extn. New Delhi PAN-AAACA2969B Revenue Assessee Revenue by Sh. Satpal Gulati, CIT-DR Assessee by Sh. Ved Jain, Adv, Sh. Aashish Goyal, CA Sh. Akshit Goyal CA Date of Hearing 09.06.2021 Date of Pronouncement 27.07.2021 ORDER PER R.K. PANDA, AM, This appeal filed by the Re…

ACIT, Cir.43, Kolkata vs. M/.S Dulichand Champalal Textile, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 27/KOL/2021[2013-14]Status: DisposedITAT Kolkata13 May 2021AY 2013-14

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

Section 133(6)Section 143(3)Section 2(22)(e)Section 250Section 68

…of 12% per annum. On these facts, the ld. CIT(A) relied on the decision of the jurisdictional High Court in the case of Pradip Kr. Malhotra (supra) as well as the Delhi High Court in the case of CIT vs. Creative Dyeing & Printing (P.) Ltd. reported in [2009] 318 ITR 476 (Delhi) and deleted the addition. We find no infirmity in the same. 8. In the result, the appeal of the Revenue is dismissed. Kolkata, the 13th May, 2021. [Aby T. Varkey] [J. Sudhakar Reddy] Judicial Member Accountant Member Dated: 13.05.2021 Bidhan (P.S.) 4 I.T.A. No. 27/Kol/2021 Assessment Year: 2013-14 M/s. Dulichand Champalal Textile. Copy o…