OMM SHREE REALCON PVT. LTD,BHUBANESWAR vs. PR.CIT-1, BHUBANESWAR
In the result, appeal of the assessee stands allowed
ITA 97/CTK/2023[2018-19]Status: DisposedITAT Cuttack28 Jun 2023AY 2018-19
Bench: Before S/Shri George Mathan, Judicial & And Rajesh Kumarassessment Year : 2018-19 Om Shree Realcon Pvt Ltd., Om Shree Realcon Pvt Ltd., Vs. Pr. Cit- Bhubaneswar Bhubaneswar-1 Plot No.418, Forest Park, 8, Forest Park, Bhubaneswar. Bhubaneswar. Pan/Gir No. Pan/Gir No.Aabco 3118 P (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri S.K.Sarangi, Ca S.K.Sarangi, Ca Revenue By : Shri M.K.Gautam, Pr. Cit (Osd) Pr. Cit (Osd) Date Of Hearing : 28 /0 06/2023 Date Of Pronouncement : 28 /0 /06/2023 O R D E R Per Bench
For Appellant: Shri S.K.Sarangi, CAFor Respondent: Shri M.K.Gautam, Pr. CIT (OSD)
Section 143(3)Section 2(22)(e)Section 263Section 68
lending companies were neither banking companies nor
NBFCs. These companies were also not engaged in any money landing business as per section 2(13)(i) of Money Lending Act.
Hence these lending companies had distributed their accumulated profits to their substantial shareholders in the guise of loans either to utilize
