Law:

Section:

JUDGMENT 1. In these Appeals which have been filed by the Revenue, the challenge is to the order of the Income Tax Appellate Tribunal holding that the provisions of Section 2(22)(e) of the Income Tax Act,1961(for short "I. T. Act) cannot be invoked as the assessee company was not a shareholder in the lending company. The argument in all these Appeals on behalf of the Revenue is that, though the assessee is a common shareholder with controlling stake in the lending company, the Tribunal found that Section 2(22)(e) of the I.T. Act, is not attracted and this finding raises a substantial question of law. 2. It was then contended that the Income Tax Appellate Tribunal has applied the ratio of its own special bench decision in the case of Asstt. CIT v. Bhaumik Colour (P.) Ltd [2009] 118 ITD 1/27 SOT 270 (Mum.), equally the Income Tax Appellate Tribunal has proceeded on the footing that the view taken in the case of Bhaumik Colour (P.) Ltd. (supra) has been approved by the Division Bench of this Court in the case of CIT v. Universal Medicare (P.) Ltd. [2010] 324 ITR 263/190 Taxman 144. 3. When each of these Appeals had appeared for admission on different dates, it was requested that they may not be disposed of by applying the ratio of this Court's judgment in Universal Medicare Pvt Ltd. (supra) because the Revenue wants to urge that the view taken in the Universal Medicare's case requires reconsideration. 4. Since this was the request coming from the Revenue in all Appeals, we decided with the consent of the Revenue to place these matters on a single working day so that on this limited point we can hear the counsel appearing for the Revenue and equally that of the assessee. It is admitted position that if we hold that the judgment in the case of Universal Medicare (P.) Ltd. (supra) does not require reconsideration, then, the individual appeals have to be decided against the Revenue by upholding the view taken by the Income Tax Appellate Tribunal. 5. It is on this footing that the matters were placed today. 6. Mr. Gupta, learned Senior Counsel appearing on behalf of the Revenue would submit that insofar as the facts in Income Tax Appeal No. 114 of 2012 are concerned,…

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