Viplav Sood, Shimla V. DCIT, CC, Chandigarh

ITA 1243/CHANDI/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 2170 (ITAT-CHANDIGARH)
• Duration Of Justice: 1 year(s) 5 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-03-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 04-03-2021
• Assessment Year: 2016-2017
• Appeal Filed On: 12-09-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SANDEEP DAHIYA
• Keywords: Deemed dividend; Set aside
• Section: 2(22)(e)

Judgement Text

ITA NO. 1243 & 1244-C-2019 SHRI VIPLAV SOOD, SHIMLA 1 , , IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, B CHANDIGARH , !' # $ % &' , '( BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND MS. ANNAPURNA GUPTA, ACCOUNTANT MEMBER ITA NO. 1243 & 1244/CHD/2019 ASSESSMENT YEAR : 2016-17 & 2017-18 SHRI. VIPLAV SOOD, 18, THE MALL ROAD SHIMLA, (HP) THE DCIT, CENTRAL CIRCLE, SHIMLA. PAN NO: BHKPS 8722 B APPELLANT RESPONDENT (HEARING THROUGH VIDEO CONFERENCING) !' ASSESSEE BY : SHRI SUDHIR SEHGAL (ADV.) #!' REVENUE BY : SHRI SANDEEP DAHIYA (CIT) $ %! & DATE OF HEARING : 04/03/2021 '()*! & DATE OF PRONOUNCEMENT : 04 /03/2021 ')/ ORDER PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSESS EE AGAINST THE ORDER DATED 28.06.2019 OF THE LD. COMMISSIONER OF I NCOME TAX (APPEALS)- 3, GURGAON [IN SHORT CIT(A)]. ITA NO. 1243 & 1244-C-2019 SHRI VIPLAV SOOD, SHIMLA 2 2. THE ASSESSEE IN THESE APPEALS HAS AGITATED THE A DDITION MADE BY THE LOWER AUTHORITIES ON ACCOUNT OF DEEMED DIVIDEND U/S 2(22)(E) OF THE INCOME TAX ACT, 1961 (IN SHORT 'THE ACT'). 3. AT THE OUTSET, LD. COUNSEL FOR THE ASSESSEE HAS BROUGHT OUR ATTENTION TO THE IMPUGNED ASSESSMENT ORDER AND SUBMITTED THAT THE ASSESSING OFFICER WHILE MAKING THE IMPUGNED ADDITIONS HAS TAKEN INTO ACCOUNT THE FIGURES OF MAHASHE RESORTS PVT. LTD., WHEREIN, THE ASSESSEE HA D CREDIT BALANCE STANDING IN THEIR ACCOUNT 4. THE LD. COUNSEL HAS FURTHER INVITED OUR ATTENTIO N TO THE OPENING LINES OF PARA 6 OF THE ORDER, WHEREIN, THE DISCUSSION REG ARDING THE ADDITION ON ACCOUNT OF DEEMED DIVIDEND HAS BEEN MADE WHICH SHO WS THAT, IN FACT, THE ASSESSING OFFICER HAS TAKEN NOTE OF CERTAIN LOANS AND ADVANCES STANDING IN THE NAME OF THE ASSESSEE FROM COMPANY M/S MAHASHE JEWELLERS PVT LTD. IN WHICH THE ASSESSEE IS A DIRECTOR HAVING SUBSTANT IAL INTEREST BUT WHILE CONCLUDING, THE ASSESSING OFFICER HAS MISTAKENLY TA KEN THE FIGURES OF CREDIT BALANCE OF THE ASSESSEE IN THE ACCOUNT OF M AHASHE RESORTS PVT LTD.. THE LD. COUNSEL HAS FURTHER INVITED OUR ATTENTION T O THE IMPUGNED ORDER OF THE CIT(A) ALSO TO SHOW THAT EVEN THE LD. CIT(A) HA S NOT LOOKED INTO THIS ASPECT AND CONFIRMED THE ADDITIONS IN A MECHANICAL MANNER. THE LD. COUNSEL, THEREFORE, HAS SUBMITTED THAT THE MATTER M AY BE RESTORED TO THE ITA NO. 1243 & 1244-C-2019 SHRI VIPLAV SOOD, SHIMLA 3 FILE OF THE ASSESSING OFFICER SO THAT THE ASSESSEE MAY BE ABLE TO PRESENT TRUE PICTURE OF ITS ACCOUNT. 5. THE LD. DR HAS NOT OBJECTED TO THE SAME. 6. IN VIEW OF THIS, THE IMPUGNED ORDER OF THE LD. C IT(A) IS SET ASIDE AND THE MATTER IS RESTORED TO THE FILE OF THE ASSES SING OFFICER FOR DECISION AFRESH ON THIS ISSUE. 7. NEEDLESS TO SAY THAT THE LD. ASSESSING OFFICER W ILL GIVE PROPER OPPORTUNITY TO THE ASSESSEE TO PRESENT ITS CASE. B OTH THE APPEALS OF THE ASSESSEE ARE TREATED AS ALLOWED FOR STATISTICAL PUR POSES. ORDER PRONOUNCED ON 04/03/2021 SD/- SD/- ( ANNAPURNA GUPTA) (SANJA Y GARG ) ACCOUNTANT MEMBER JUDICIAL MEMBER DATE: 04/03/2021 SANTOSH (+! ,-.- COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. $ / CIT 4. $ / 01 THE CIT(A) 5. -2 45&456789 DR, ITAT, CHANDIGARH 6. 8:% GUARD FILE (+ $ BY ORDER, ; # ASSISTANT REGISTRAR