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2014 (10) TMI 897 - AT - Income TaxDeemed Dividend addition u/s. 2(22)(e) - Held that:- Sec. 2(22)(e) of the Act covers only those transactions which benefit the shareholder alone and results in no benefit to the company. On the other hand, if the transaction is mutual by which both sides are benefited, it is undoubtedly outside the purview of provisions of sec. 2(22)(e) of the Act. From the above, it is clear that the loan account differs from current account and the provisions of section 2(22)(e) of the Act, being a deeming section, cannot be applied to current account. In such circumstances, we delete the addition. See Mr. Purushottam Das Mimani Versus Dy. Commissioner of Income Tax, Central Circle-V Kolkata [2014 (12) TMI 801 - ITAT KOLKATA ] Disallowance on account of expenditure under miscellaneous receipts - Held that:- We find that the lower authorities have made addition on the basis that no supporting evidence for claim of this expenditure was filed even though enough opportunity was provided to the assessee. Even now before us the assessee failed to provide any evidence or made no argument. Hence, this issue of assessee’s appeal is dismissed. Assessment under Section 153A - Held that:- It is not open for the assessee to seek deduction or claim expenditure which has not been claimed in the original assessment, which assessment already stands completed, only because a assessment under Section 153A of the Act in pursuance of search or requisition is required to be made.
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