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2018 (10) TMI 2003 - AT - Income TaxDeemed Dividend addition u/s. 2(22) (e) - assessee’s common share in both the concerns granting advances to assessee firm - assessee defended the same by submitting that the stated advances were mere trade advances in nature towards purchase of land - HELD THAT:- We find that similar additions u/s 2(22)(e) were made in the hands of the firm which were deleted by first appellate authority in case of the firm Pathik Construction [2015 (2) TMI 898 - ITAT MUMBAI] finding the same to be purely commercial transactions. The stand of FAA has been confirmed by the Tribunal vide cited order. Therefore, since a view has already been taken, we find no reason to take a different view, the factual matrix being identical. Another reason to concur with the stand of the assessee is that the assessee herself has not received any amount from the Company rather the amount has been received by the firm, in which the assessee was a partner to the extent of 23%. Therefore, the basic condition of Section 2(22)(e) i.e. the assessee has received the amount from the concern, is missing in the case. Decided in favour of assessee.
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