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2013 (5) TMI 908 - AT - Income TaxDeemed dividend addition u/s 2(22)(e) - Held that:- The very fact that the amount of loan is being brought forward when it was to be considered the actual payment received in the impugned assessment year whether could be subject to taxation as deemed dividend u/s 2(22)(e) of the Act was for revisiting the definition of deemed dividend u/s 2(22)(e) of the Act is of no avail. The AO has not been able to establish the facts otherwise, in so far as, it was not the assessee who suddenly took action for receiving the amount as deemed dividend when the department has been accepted the loan amount much more payable by it to M/s.Pataka Industries Pvt. Ltd. was acceptable to them earlier and further more the interest paid has been allowed by the AO in the impugned assessment year as expenditure. It is not the case of the Revenue to give a name as deemed dividend to the interest income which has been earned by M/s.Pataka Industries Pv.t Ltd. on which tax has already paid for the impugned assessment year for the assessee. We have no hesitation in upholding the order of the ld. CIT(A) and dismiss the appeal filed by the Revenue.
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