COMMISSIONER OF INCOME TAX Vs. MOKUL FINANCE LTD.

JUDGEMENT

(1.) THE Revenue is aggrieved by an order dated passed by the Income Tax Appellate Tribunal, Delhi Bench 'E', New Delhi ('the Tribunal') in ITA Nos. 3857/Del/2003, 3256/Del/2003 and CO No. 203/Del/2005 in ITA No. 3857/Del/2003 relevant for the asst. yr. 1996 -97.

(2.) THE only issue in this appeal is whether reassessment proceedings initiated under Section 148/147 of the IT Act, 1961 (the 'Act') were valid in law.

(3.) THE sum and substance of the contention of the learned counsel for the Revenue was that the assessee had received loans from M/s Mokul Overseas (P) Ltd. and these loans were really in the nature of deemed dividend as defined under Section 2(22)(e) of the Act.