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2015 (9) TMI 485 - AT - Income TaxReopening of assessment - deemed dividend addition - CIT(A) deleted the addition - Held that:- We find from the case file that the assessment order is completely silent on the nature of the impugned loans in the shape of business advances. The CIT(Appeals) had examined all material on record for concluding that loans in question in the shape of business transactions / advances could not be treated as deemed dividends. The Revenue neither challenges the CIT(Appeals)’s order on the ground of admitting any additional evidence nor does it refer to any material rebutting the said factual conclusion. Therefore, the lower appellate findings categorizing the impugned loans as business advances have to be sustained. It has been held in case law CIT v. Creative Dyeing and Printing Private Ltd. (2009 (9) TMI 43 - DELHI HIGH COURT), that business advances cannot be treated as deemed dividends u/s 2(22)(e) of the Act. The Revenue does not quote any case laws to the contrary. This makes us to affirm the findings under challenge. - Decided in favour of assessee.
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