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2014 (2) TMI 1278 - AT - Income TaxDeemed dividend addition u/s 2(22)(e) - Held that:- A perusal of the case file reveals that while examining a similar issue in the assessee's own case for assessment years 2003-04, 2004-05 and 2005-06 the tribunal had held that no beneficial interest had accrued to the assessee by the aforesaid transactions and advances were made to carry out business which would not attract deeming provisions u/s 2(22)(e) of the Act. Undisputedly, decisions of the ‘tribunal’ have been upheld even by the hon'ble high court. The only plea raised by the Revenue that its special leave petition is pending before the hon'ble apex court hardly forms a justifiable reason not to follow the order of the ‘tribunal’. In these circumstances, we confirm the findings under challenge of CIT(A) deleting impugned addition of deemed dividend. - Decided in favour of assessee Addition u/s 14A r.w.r 8D in assessment year 2009-10 - Held that:- The Revenue has not filed any evidence before us so as to dispel the findings of the CIT(A) qua the total expenditure, administrative expenses, amount disallowed/added back on its own (supra)by the assessee as well as remaining amount of ₹ 11,10,836/-. It is evident to us that from the total expenses the assessee has itself disallowed/added back expenses of ₹ 18,74,911/- out of ₹ 29,85,747/-. Thus, the expenses which remain in assessee’s profit & loss account turn out to be ₹ 11,10,836/-. From this amount as well, the CIT(A) has chosen to disallow a sum of ₹ 10,94,691/-. This leaves expenditure of a very minimiscule amount of ₹ 16,145/-. Undisputedly, there is no material quoted on record by the appellant/Revenue in favour of its argument that these details of expenditure are against the record of the case. In our view, on the basis of the fact that the authorities below have nowhere rejected the assessee’s profit & loss account explaining details of expenditure, the disallowance in question could not have exceeded the sum total of all expenses. In these circumstances, we find no reason to interfere in the order of the CIT(A) in reducing the disallowance in question from ₹ 21,19,659/- to ₹ 10,24,968/-. - Decided against revenue
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