HIGH COURT OF JUDICATURE AT HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A. No. 363 of 2014 Date: 12.06.2014 Between:
Commissioner of Income Tax-IV, Hyderabad.
… Appellant And M/s. Margadarsi Marketing (P) Limited, 6-3-570, Eenadu Complex, Somajiguda, Hyderabad.
… Respondent This Court made the following:
THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A. No. 363 of 2014 JUDGMENT: (Per the Hon’ble The Chief Justice Sri Kalyan Jyoti Sengupta) We have heard Sri J.V. Prasad, learned counsel for the appellant, and gone through the impugned judgment and order of the learned Tribunal.
We find that the issue here is the applicability of the provisions of Section 2(22)(e) of the Income Tax Act, 1961. The learned Tribunal on fact found that the assessee is not a shareholder. Therefore, pre-conditions mentioned in the aforesaid Section are not satisfied. The learned Tribunal, therefore, did not accept the contention of the appellant Revenue and rightly so. The Tribunal thereafter also relied on the judgment of the Delhi High Court in the case of C.I.T. v.
[1]
Ankitech (P) Ltd. on the issue, which is undisputedly applicable to the
facts and circumstances of this case.
Hence, we dismiss the appeal. There will be no order as to costs.
K.J. SENGUPTA, CJ SANJAY KUMAR, J Date: 12.06.2014 GBS
[1] 340 ITR 14