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2018 (11) TMI 942 - ITAT CUTTACKRevision u/s 263 - presumption that the assessment order passed u/s 153C has erroneous and prejudicial to the interest of the revenue - addition of deemed dividend - Held that:- The question of applicability of deemed dividend does not arise as there is no incriminating material was found in the course of search in respect of deemed dividend. Assessee has filed original return of income u/s.139(1) of the Act and also in compliance to notice dated 22.01.2016 filed written submission on the return of income on 04.02.2016 with nil income, whereas the ld. DR could not substantiate with any evidence or with any proof that there is any incriminating material was found in respect of deemed dividend as dealt in the revision order passed by the Pr. CIT. We are of the opinion that the proceedings u/s.263 of the Act are in respect of the order passed u/s.153C r.w.s.143(3) of the Act dated 31.03.2016 whereas the AO has accepted the assessee’s return of income without any additions and the issue of deemed dividend. Similar issue on deemed dividend was decided by the Kolkata Bench of the Tribunal in the case of M/s Tanuj Holding Pvt. Ltd [2016 (2) TMI 426 - ITAT KOLKATA] wherein as held addition towards deemed dividend u/s 2(22)(e) of the Act in the assessments framed u/s 153C of the Act for the Asst Years 2007-08 to 2010-11 without any incriminating materials found during the course of search with respect to those assessment years, is not warranted and held as not in accordance with law. - decided in favour of assessee
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