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2012 (2) TMI 526 - HC - Income TaxDeemed dividend addition - payments for business exigencies/purposes - loans and advances - Held that:- The assessee has filed the copy of agreements and memorandum of undertaking executed by the parties and other connected papers beside order of the party for the relevant assessment year also filed. The assessee has also explained the business exigencies under which such amount were paid. The assessee has in support relied upon the decisions in the case of Smt. Nigam Chawala (2009 (1) TMI 534 - HIGH COURT OF DELHI), Bombay Oil Industries Ltd. (2009 (1) TMI 519 - ITAT MUMBAI ). The Assessing Officer did not dispute or contest the said contention of the respondent-assessee in the first appellate proceeding in the said remand report. In view of the aforesaid, we do not find any merit in the present appeal and the same are dismissed - Decided against revenue
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