- (1.) This appeal is directed against a judgement and order dated 8th August, 2008 passed by the learned Income Tax Appellate Tribunal, "A " Bench, Kolkata in ITA No.73/Kol/2008 pertaining to the assessment year 2004-05 by which an appeal preferred by the revenue was dismissed. The aggrieved, the revenue, has come up in appeal.
(2.) The following question of law was formulated on 1st April, 2009 when the appeal was admitted : " Whether the Income Tax Appellate Tribunal was justified in allowing relief to the assessee by treating the amount under the head 'reserve and surplus ' representing share premium and credit balance of profit and loss account as not falling within the ambit of deemed dividend under section 2(22)(e) of the Income Tax Act, 1961 "
(3.) The facts and circumstances of the case, briefly stated, are as follows :;