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2012 (10) TMI 539 - AT - Income TaxAdditions on Deemed dividend - beneficial shareholder or registered shareholder - Held that:- A.O brought to tax profit of Rs.2,50,000/- received by the assessee HUF in terms of provisions of section 2(22)(e) without recording his specific findings as to whether the conditions stipulated in the said section were fulfilled. The CIT(A) while accepting that the AO did not record any findings regarding the nature of transaction, concluded that the amount was in the nature of loan or advance. Since the company M/s D.N. Kansal Securities (P) Ltd. in which the assessee had 12 % shareholding, reflected accumulated profit less than profit of Rs. 2,50,000/- CIT(A) while observing that the assessee has declared undisclosed income, uphold the findings of A.O in bringing to tax the amount of Rs.2,50,000/-. neither even analyzing the issues in the light of provisions of sec.2(22)(e) or nor attempted to ascertain as to whether HUF is the beneficial shareholder or registered shareholder. Section 250(6) mandates that the order of the CIT(A) while disposing of the appeal shall be in writing and shall state the points for determination, the decision thereon and the reasons for the decision, thus in view of the foregoing, especially when the CIT(A) have not passed a speaking order, consider it fair and appropriate to set aside the order of the ld. CIT(A) and restore the matter to his file for deciding the aforesaid issues, afresh - in favour of assessee for statistical purposes.
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