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2015 (4) TMI 1168 - AT - Income TaxDeemed dividend u/s 2(22) - accumulated profit - share premium amount - shareholding more than 10% - Transaction between the two companies or between the company and assessee - receipt of advance for business purposes - Held that:- CIT(A) thoroughly examined the issue in detail after admitted the additional evidence and calling the remand report from the Assessing Officer. He held that these transactions made between the companies for business purposes, which does not form part of loan and advances as envisages in Section 2(22)(e) of the Act. The ld DR has not controverted the findings given by the ld CIT(A). The case laws relied upon by the A.R. are squarely applicable on the case of assessee, therefore, we do not find any reason to intervene in the order of ld CIT(A). Accordingly, we uphold the order of ld. CIT(A) - Decided in favour of assessee.
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