Harikrishnan R. Nair, Kollam V. Assistant Commissioner of Income Tax, Kollam

ITA 264/COCH/2009

• Counselvise Citation: [2011] 135 COUNSELVISE.COM (IT) 0835 (ITAT-COCHIN)
• Duration Of Justice: 1 year(s) 10 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-03-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 01-02-2011
• Assessment Year: 2003-2004
• Appeal Filed On: 11-05-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T J VINCENTJR
• Assessee Lawyers: R KRISHNAN
• Keywords: Deemed dividend
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE SHRI N.VIJAYAKUMARAN & SHRI SANJAY ARORA I.T.A.NO.264/COCH/2009 ASSESSMENT YEAR:2003-04 HARIKRISHNAN R. NAIR, SANGAM, BEACH ROAD, KOLLAM. PA NO.ABHPR 4201 N VS. THE ASST. COMMIS SIONER OF INCOME-TAX, CIRCLE-1, KOLLAM. (APPELLANT) ( RESPONDENT ) APPELLANT BY SHRI R. KRISHNAN, C.A. RESPONDENT BY SHRI T.J.VINCENT,JR.DR O R D E R PER N.VIJAYAKUMARAN,J.M: THIS APPEAL IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS)-IV, KOCHI DATED 19-02-2009. 2. THE ASSESSEE IS THE MANAGING DIRECTOR OF WENDER S FOODS PVT. LTD. THE RETURN OF INCOME FOR THE ASSESSMENT YEAR 2003-04 WAS FILED DECLARING A TOTAL INCOME OF RS. 16,22,000/-. THE A SSESSING OFFICER ADDED A SUM OF RS. 25 LAKHS AS DEEMED DIVIDEND AND COMPLETED THE ASSESSMENT ON A TOTAL INCOME OF RS.41,22,000/-, IN THE ORDER PASSED U/S 143(3) R.W.S. 147 DATED 04-11-2009. THE ASSESS ING OFFICER NOTED THAT THE COMPANY HAD ADVANCED A LOAN OF RS. 25 LAKH S TO THE APPELLANT, WHO IS THE MANAGING DIRECTOR OF THE COMP ANY. ACCORDING TO ITA NO.264/COCH/2009 HARIKRISHNAN R. NAIR 2 THE APPELLANT, DURING THE YEAR 2002-03, THE APPELLA NT AGREED TO SELL 30 CENTS OF LAND IN SY.NO.2025, IN MUNDAKKAL VILLAGE T O THE COMPANY, WENDERS FOODS PVT. LTD. OF WHICH HE IS THE MANAGING DIRECTOR FOR AN AGREED CONSIDERATION OF ERROR: UNDEFINED OFFENDING COMMAND: RUPEE STACK: / INDIAN