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2019 (2) TMI 1949 - AT - Income TaxAddition u/s 40A(2)(a) - HELD THAT:- Since the facts and circumstances of the instant ground are mutatis mutandis similar to those of the immediately preceding year, respectfully following the precedent, we uphold the action of the ld. CIT(A) in holding that the provisions of section 40A(2) were not attracted and it is further held that the gross profit rate of 0.63% (0.54% as declared by the assessee plus addition of 0.09%) be applied. Thus, the grounds raised by the Revenue are dismissed and those of the assessee are partly allowed. Deemed dividend addition u/s 2(22)(e) - HELD THAT:- As similar issue came up for consideration before the Tribunal in assessee’s own case for the A.Y. 2010-11. A detailed discussion has been made in the order for such year and eventually the matter has been restored to the file of AO for a fresh a decision. Admittedly, the facts and circumstances of the ground for the instant year are similar to those of the preceding year. Respectfully following the precedent, we set-aside the impugned order on this score and remit the matter to the file of AO for deciding this issue in conformity with the directions given by the Tribunal in its order for the preceding year. Disallowance of interest u/s.36(1)(iii) - HELD THAT:- As AR submitted that similar issue was raised in the preceding year as well and the Tribunal was pleased to decide it against the assessee. In view of the candid admission made by the ld. AR, we countenance the impugned order on this score. This ground is not allowed.
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