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2022 (8) TMI 1382 - AT - Income TaxDeemed dividend addition u/s 2(22)(e) - correctness of the CIT(A)'s action reversing the assessment findings making sec.2(22)(e) addition - assessee’s stand throughout is that the impugned sum represents intercorporate deposits bearing interest than loans/advances covered under the deeming fiction of dividends u/s.2(22)(e) - HELD THAT:- The very issue had arisen between the parties in succeeding assessment year 2012-13 [2020 (2) TMI 616 - ITAT PUNE] where in this tribunal’s co-ordinate bench has accepted the Revenue’s appeal No merit therein once the learned co-ordinate bench has already considered all the relevant facts hereinabove. The same would amount to revisiting the earlier findings in our considered opinion. We therefore adopt judicial consistency and restore the impugned deemed dividend in light of learned co-ordinate bench forgoing observations. Revenue succeeds in its instant sole substantive grievance. Assessee at this stage sought to highlight the fact that the impugned sum of deemed dividends wrongly includes transaction of recovery of deposit given/ paid. Mr. Abhay Avchat also sought to highlight fact the assessee has preferred its cross objections as against the CIT(A)’s instant order well regarding erroneous computation impugned addition amount to this effect. The foregoing cross objection(s) is neither registered nor listed as on date.It shall be very much open to the assessee to seek correct computation of the impugned addition in-consequential proceeding.
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