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2012 (8) TMI 582 - ITAT, MUMBAIAddition of income from house property - AO stated that Annual Value as offered by the assessee was understated - CIT (A) deleted the addition - Held that:- As decided in DCIT Versus Reclamation Realty India (P) Ltd. [2010 (11) TMI 477 - ITAT, MUMBAI] the rateable value under the Municipal law has to be adopted as annual value u/s. 23(a) & that the A.O. has grossly erred by calculating the annual let out value by estimating the market value of the property at ₹ 1,20,00,000/- ignoring the fact that the Municipal Rateable Value given by the Government Authority i.e Mumbai Municipal Corporation at ₹ 1,58,372/- - against revenue. Treating the monies advanced to assessee as deemed dividends - Held that:- Deemed dividend can be assessed only in the hands of a person who is a shareholder of the lender company and not in the hands of a person other than shareholder & the expression ‘shareholder’ referred to in section 2(22)(e) refers to both a registered shareholder and beneficial shareholder - It is not in dispute that the assessee company is not holding any share in the company who provided advances i.e. neither the assessee company is a registered share holder nor beneficial share holder in the said company the provisions of section 2(22)(e) are not applicable - inclined to uphold the findings of the ld. CIT (A) in deleting the addition made by the A.O - against revenue.
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