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2015 (11) TMI 1764 - ITAT KOLKATADeemed dividend addition u/s 2(22)(e) - granting of loan formed substantial part of its business - Held that:- As decided when once the business of the lender company covered by exception (ii) to section 2(22)(e) of the Income Tax Act, then the provisions of section 2(22)(e) will not be applicable. As per section 2(22)(iii), the loans granted did not fall within the definition of dividend and therefore, we find no infirmity in the orders of the ld. CIT(A) to be interfered with. Hence, we confirm the same - decided against revenue Addition under section 68 -share application money treating the same as unexplained cash credits - Held that:- From the details and documents filed by the concerned share subscribers, it was held by the Assessing Officer that their identity and capacity as well as the genuineness of the relevant transactions were duly established and no addition under section 68 was called for. Keeping in view these submissions made by the ld. Counsel for the assessee, which have not been disputed or controverted by the ld. D.R., we find no justifiable reason to interfere with the impugned order of the ld. CIT(Appeals) deleting the addition - decided against revenue
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