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2014 (4) TMI 162 - ITAT MUMBAIDeletion u/s 2(22)(e) of the Act – Deemed dividend – Held that:- The CIT(A) has gone by the presumption that the AO has considered that the assessee has made investment in Hegde Hotels India Pvt. Ltd., which is not correct - he has gone by the presumption that the AO has based his calculation on the fact that Hegde Hotels India Pvt. Ltd. had given loan to Mr. Sudhakar Hegde, which in turn, has advanced to the assessee, which fact is also not correct - he has not analysed as to what is the amount invested by Hegde Hotels India Pvt. Ltd. for the share application money in the assessee company and how much was the unsecured loan received by the assessee from the Hegde Hotels India Pvt. Ltd., and whether it was loan or not, or if loan, then what was the nature of the loan - He has also not analysed, whether the assessee is a substantial shareholder in Hegde Hotels India Pvt. Ltd. or not - All these facts are necessary for coming to any conclusion on merits - without going into the merits of the issue, the order of the CIT(A) is set aside and the matter is remitted back for fresh adjudication – Decided in favour of Revenue.
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