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2014 (6) TMI 145 - ITAT CHENNAIRectification of order – Deemed dividend in the hands of partners u/s 2(22)(e) of the Act - Held that:- directions were given by the Tribunal in pursuance to the admission made by the assessee before CIT(A) - The relevant extract of the order of CIT(A), the assessee had conceded that the deemed dividend is taxable in the hands of the shareholders - The assessee has explained that only the partners of the appellant firm are shareholders in the company (EEPL) and not the appellant firm itself - deemed dividend can be assessee only in the hands of a person who is a shareholder of the lender company and not in the hands of the borrowing concern in which such shareholder is member or partner having substantial interest – Relying upon ACIT V. Bhaumik Colour (P) Ltd., 2008 (11) TMI 273 - ITAT BOMBAY-E ] the amount cannot be treated as deemed dividend u/s.2(22)(e) in the hands of the appellant - It is not the case where the Tribunal has made observations on its own - The directions against which the assessee is aggrieved are based on the admission of the assessee before the CIT(A) - there is no error as alleged by the assessee in the order of the Tribunal – Decided against Assessee.
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