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2019 (8) TMI 1869 - BOMBAY HIGH COURTDeemed dividend u/s. 2(22)(e) - assessee had substantial interest in the associated companies where in the assessee had more than 20% shareholding - CIT-A deleted the addition as confirmed by Tribunal - HELD THAT:- We find that this issue was duly considered by the CIT(A) when he called for the remand report from the AO. In the remand report, the AO did not dispute the fact that the notarized of MoU dated 9th May, 2008 was for sale/ purchases of office premises. This document was also produced before the AO during the assessment proceedings but the same was not even considered by him. MoU dated 9th May, 2008 was duly supported by cheque also dated 9th May, 2008. Thus, on the consideration of the entire evidence, both the CIT(A) and the Tribunal come to a concurrent finding of fact that the amount of Rs.4.48 Crore is not a loan to be covered by Section 2(22)(e) of the Act. Therefore, the view taken by the CIT(A) and the Tribunal on facts, is a possible view and cannot be said to be perverse. Exchange of money OR advance for purchase of property - transactions between the two entities in which the assessee had substantial shareholdings - ITAT deleted addition - HELD THAT:- CIT(A) while dealing with the remand report noticed the fact that the MoU dated 9th May, 2008, which was produced during the assessment proceedings before the AO was completely ignored by him in the Assessment Order. This, MoU dated 9th May, 2008 was also supported by the payment by Cheque No.246161 dated 9th May, 2008 drawn on Bank of India, was also made under the MoU by M/s. ADJPL to M./s. DJPL. Thus, there is nothing to suggest on record that the amount of Rs.4.48 Crores was a part of series of monetary transaction and not in respect of advance for purchase of property. No substantial question of law raised - Decided against revenue.
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