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Addition made u/s. 2(22)(e) of the Income Tax Act by AO

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Court :
ITAT Pune

Brief :
These two appeals by the assessee and Revenue, respectively against the common order dated 31-03-2017 passed by the Commissioner of Income Tax (Appeals)-2, Nashik [„CIT(A)‟] for assessment year 2012-13.

Citation :
ITA No.1396/PUN/2017

IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE
(Through Virtual Court)

BEFORE SHRI R.S. SYAL, VICE PRESIDENT
AND
SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER

ITA No.1213/PUN/2017
Assessment Year : 2012-13

M/s. Rajmal Lakhichand,
169, Balaji Peth,
Jalgaon – 425001
PAN : AACFR8609L
Appellant

V/s.

ITO, Ward-2(2),
Jalgaon
Respondent

ITA No.1396/PUN/2017
Assessment Year : 2012-13

The Deputy Commissioner of Income Tax,
Circle – 1, Jalgaon
Appellant

 V/s.

M/s. Rajmal Lakhichand,
169, Balaji Peth,
Jalgaon – 425001
PAN : AACFR8609L
 Respondent

Assessee by : Shri Nikhil S. Pathak
Revenue by : Shri S.P. Walimbe

Date of Hearing : 29-06-2021
Date of Pronouncement : 01-07-2021

 ORDER

PER S.S. VISWANETHRA RAVI, JM :

These two appeals by the assessee and Revenue, respectively against the common order dated 31-03-2017 passed by the Commissioner of Income Tax (Appeals)-2, Nashik [„CIT(A)‟] for assessment year 2012-13.

2. Both the parties consented that the issues raised in both the appeals are based on similar identical facts and prayed to take up the same together. Therefore, with the consent of both the parties, we proceed to hear both the appeals together and to pass a consolidated order for the sake of convenience.

3. First, we shall take up appeal of assessee in ITA No. 1213/PUN/2017.

4. The only issue raised for our consideration is as to whether the CIT(A) justified in confirming the addition made by the AO u/s. 2(22)(e) of the Act in the facts and circumstances of the case.

5. Heard both the parties and perused the material available on record. We note that the assessee is a registered firm and deals in the business ofsilver, gold ornament and bullion. During the course of assessment proceedings, the AO found that the assessee purchased shares from private limited companies through its partner having the share holding more than 10%. According to the AO, the assessee is a beneficiary share holder and the said investments of the shares are reflected in the Balance sheet and show caused the assessee to explain as to why the provisions of section 2(22)(e) of the Act should not be applied. 

To know more in details find the attachment file

 

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on 15 July 2021
Published in Income Tax
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