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2011 (6) TMI 200 - AT - Income TaxAddition - Deemed dividend - Scrutiny - The assessee filed an application under rule 46A for leading additional evidence - it is clear that sub-clause (e) of section 2(22) which is pari materia with clause (e) of section 2(6A) of the Indian Income-tax Act, 1922, plainly seeks to bring within the tax net accumulated profit which are distributed by closely held companies to its shareholders in the form of loans - It appears that assessee has developed this defence after the assessment proceedings. No agreement was brought to the notice of the Assessing Officer during the course of assessment proceedings - The only suspicion which surfaced during the course of hearing is whether it is a story concocted by the assessee subsequent to the assessment order - It is a settled position of law that if any plea permissible legally even if not taken before the Assessing Officer then it can be taken before the Learned First Appellate Authority - Decided in favour of the assessee
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