Case Law Details
ACIT Vs Shri Anumod Sharma (ITAT Delhi)
Analysis of the facts of the case referred by the AO and facts of the case of the assessee, it is quite evident that the facts of the referred cases in the impugned order are altogether different from the facts of the assessee, keeping in view of the fact that the assessee has never taken any loan during the financial year under consideration from M/s Apra Auto (India) Private Limited and also did not have any debit balance in the name of the assessee in the books of account of the said company.
In nutshell, the assessee has also not received any advance in the nature of loan or advances as contemplated in the section 2(22)(e) of the Income tax Act, 1961 but received advance against sale of commercial space developed by the assessee on his own land in collaboration with M/s Unitech Limited as per Buyer’s agreement. We find that provisions of section 2(22)(e) of the Income tax Act, 1961 are not applicable in case of the assessee as the assessee has received advance of Rs.5,62,00,000/-from the said company against sale of commercial space in Signature Tower – II, Sector – 15, Gurgaon, Haryana. Since, the said receipts of advance of Rs.5,62,00,000/- against sale of commercial space is not a receipt in the nature of loan or advance as contemplated in section 2(22)(e) of the Income tax Act, 1961 which attracts the provisions of in that section as the said advance is in the nature of business advance which did not fall within the ambit of provisions of section 2(22)(e) of the Income tax Act, 1961.
FULL TEXT OF THE ITAT JUDGEMENT
The present appeal has been filed by the revenue against the order of ld. CIT (A)-XXVI, New Delhi dated 12.10.2015.
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