HIGH COURT OF JUDICATURE AT HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH PRESENT THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR
I.T.T.A.No.484 OF 2014
DATED: 25.07.2014 Between:
Commissioner of Income Tax-II, Hyderabad … Appellant And M/s.KSR Infracon Private Ltd … Respondent THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A.No.484 of 2014
JUDGMENT: (per the Hon’ble The Chief Justice Sri Kalyan Jyoti Sengupta)
Judgment and order of the learned Tribunal dated 24.12.2013 in I.T.A.No.479/Hyderabad/2011 in relation to the assessment year 2007-08 is brought under challenge before us.
We have heard Mr. B.Narasimha Sarma, learned counsel for the appellant and gone through the impugned judgment and order of the learned Tribunal.
In this case, it is to be seen that whether the expression ‘dividend’ under Section 2(22)(e) of the Income Tax Act, 1961 is applicable to the facts and circumstances of the case. The Tribunal having noted that identical issue raised by the Department was considered and decided by the Special Bench, Mumbai in ACIT v. Baumik Colour Private Limited (ITA.No.5030/Mum/04)[1], following the same held that it was not dividend.
It is not a case of Revenue before us that the decision of the aforesaid Special Bench has been upset by superior forum.
We therefore do not find any ground to interfere with the impugned judgment and order of the learned Tribunal.
The appeal is accordingly dismissed. No order as to costs.
25th JULY, 2014.
K.J. SENGUPTA, CJ SANJAY KUMAR, J kvni
[1] 118 ITD 1 (SB)