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2010 (8) TMI 344 - AT - Income TaxDeemed Dividend - Addition of income - the assessee received loan/advance from B.G. Creations Pvt. Ltd. on 11.3.2006, and the outstanding balance on 31.3.2006 was Rs. 3.70 lakh - The amount paid is in the nature of "imprest amount" and not in the nature of a loan or an advance - the ld. DR relied on paragraph No. 30 of the impugned order to argue that the amount was a loan liable to be included in the total income u/s 2(22)(e) of the Act - The certificate of the company is not believable in this regard as no particular purpose has been mentioned - taxable as deemed dividend. Capital Gain – Maintenance Charges as Cost of Improvement - expenditure incurred on its maintenance cannot be taken as the cost of improvement Date of purchase of property versus Date of acquisition of property - Admittedly, the sale was registered on 3.9.2004. The AO has mentioned that possession of the property was also given to the assessee on 3.9.2004. - Before the ld. CIT(Appeals), it was submitted that purchase and sale of an immovable property involve two stages - ld. CIT(Appeals) mentioned that there is some confusion in the mind of the AO because the assessee had also sold another property - under the deeming provision of section 2(47)(v), the date of possession is the material date for finding out the date of transfer as the transfer takes place when the possession is taken in a case covered u/s 53A of the Transfer of Property Act. As all the facts are not available on record, we think it fit to restore this matter to the file of the CIT(A)to ascertain the data of taking possession of the plot of land by the assessee and decide the matter of the date of acquisition accordingly.
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