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2017 (1) TMI 1723 - AT - Income TaxReopening of assessment u/s.147 - deemed dividend addition - Concern in which the assessee is a member beneficiary, held more than 10% of the shares of the company, the loan to the extent of accumulated profits of the company is to be treated as deemed dividend in the hands of the assessee as per the provisions of section 2(22)(e) - HELD THAT:- From the recorded reasons of AO it will be seen that no new material had come to the knowledge of the Assessing Officer after processing of the return on 28.5.2008, the income chargeable to tax has escaped assessment. On the basis of the return of income filed by the assessee, subsequently, the AO came to the conclusion that the loan/advance received by the assessee from of M/s. Sherawali Rice Mills Pvt Ltd., Boudh was assessable u/s.2(22)(e) of the Act as deemed dividend -Reopening of the assessment is bad in law as it is trite law that the reopening of assessment cannot be made on the very same set of facts, which were before the Assessing Officer at the time of processing of the return as it will amount to change of opinion. See M/S ATMA RAM PROPERTIES PRIVATE LIMITED. VERSUS DCIT [2011 (11) TMI 51 - DELHI HIGH COURT] - Decided in favour of assessee.
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