Iapl/59/2017 Of Pr. Commissioner Of Income Tax-I Kanpur v. M/S Kanpur Edibles Pvt. Ltd. Kanpur

Case :- INCOME TAX APPEAL No. - 59 of 2017 Appellant :- Pr. Commissioner Of Income Tax-I Kanpur Respondent :- M/S Kanpur Edibles Pvt. Ltd. KanpurCounsel for Appellant :- Ashish Agarwal,Ashish Agrawal,S.S.C. I.T.Counsel for Respondent :- Ashish Bansal Hon'ble Bharati Sapru,J.Hon'ble Piyush Agrawal,J. We have heard Shri Ashish Agarwal, learned counsel for the Department - appellant and ShriAshish Bansal, learned counsel for therespondent - assessee. This is a Department's appeal under section 260- A of the Income Tax Act, 1961 for theAssessment Year 2012-13 against an order of theIncome Tax Appellate Tribunal, Lucknow Bench'B', Lucknow dated 29.07.2016. The question of law, sought to be answered, is herein under:- "Whether the sum of Rs. 4,05,11,502/- which the assessee company received by way of loan from M/S. A.B. Agro ProductLimited in which it had 99% shareholding would be deemeddividend under Section 2 (22) (e) of the Income Tax Act, 1961?" The Tribunal, while allowing the case of the respondent - Assessee, has relied completely on adecision in the matter relating to anotherAssessee, but in so far as the present Assessee isconcerned, not a single finding has been recordedor discussed by the Tribunal to find out whetherthe provisions of section 2(22)(e) of the IncomeTax Act have application in the case or not. The matter requires re-consideration. We remand the matter back to the Tribunal for re-consideration. The matter on remand may be heard expeditiously, preferably within a period ofthree months from the date of presentation of acertified copy of this order after affording anopportunity of hearing to the respondent -Assessee and after fixing a date with due notice. The impugned order, passed by the Tribunal, isset aside. With the aforesaid observations, the matter standsdisposed of. Order Date :- 26.3.2019Amit Mishra