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2021 (5) TMI 652 - ITAT INDOREDeemed dividend made u/s 2(22)(e) - transaction entered between the two concerns - HELD THAT:- Source and application of funds clearly spells out that the alleged sum received during instant year(s) under appeal were not for the benefit of the assessee share holder Mr. Sanjay Patidar. The alleged transactions are purely entered between the two concerns in the ordinary course of business as advance or loan for which interest was also paid by MLFS to VSPL for Assessment Year 2016-17. Thus the alleged transaction clearly falls in the exclusion (ii) to section 2(22)(e) of the Act and thus both the lower authorities have erred in treating the alleged sum as deemed dividend in the hands of the assessee for Assessment Years 2015-16 and 2016-17 respectively and therefore addition made is uncalled for. - Decided in favour of assessee. House Rent Allowance exemption u/s 10(13A) - HELD THAT:- Assessee is not entitled to exemption u/s 10(13A) of the Act if the residential accommodation occupied by the assessee is owned by him or the assessee has not actually incurred the expenditure for payment of rent. In the instant case no evidence has been brought on record to show that the assessee had paid House Rent during the year. Under the given facts and circumstances of the case, we find no reason to interfere in the finding of Ld. CIT(A) and confirm the finding of Ld. A.O. Thus Ground No.6 of appeal of the assessee is dismissed.
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