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2010 (11) TMI 378 - AT - Income TaxAddition - Deemed dividend U/s 2(22)(e) - it was held that the provisions of section 2(22)(e) would be attracted if a loan was taken by the shareholder from a closely held company - Hence, the Hon'ble Bombay High Court has upheld the decision of the Special Bench on the principle that the deemed dividend could not have been taxed in the hands of the assessee who is not the shareholder - Accordingly the decision of the CIT(A) deleting the amount brought to tax in the hands of the assessee firm is correct on the principles of law - Decided in favour of assessee. Addition u/s 41(1) - Unexplain cash -assessee's contention that there were disputes between the assessee firm and the said company with reference to compensation payable for premature vacation of the premises. It is also assessee's submission that the above said deposit of Rs.1,82,80,880/- was written back and offered as income in A.Y. 2007-08 for which the assessee relied on the Balance and P and L Account of that year - The A.O. has given a finding that no such income was offered which was the basis for CIT(A)'s also that the same was not written back - Held that the aspect has not been examined correctly and the assessee has no objection for setting aside it to the file of the A.O. for examination of the facts - The A.O. is directed to examine the facts afresh after giving due opportunity to the assessee - Appeal of assessee is allowed for statistical purposes.
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