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2017 (2) TMI 174 - AT - Income TaxBenefit of deduction u/s 80IB(10) entitlement - Held that:- Assessee has failed to fulfill the condition of filing of return u/s 139(1) and, therefore, the assessee was not eligible for the benefit of deduction u/s 80IB(10) in view of clear provisions of section 80AC of the Act. Thus, the action of the lower authorities on this issue is upheld. Since we have rejected the claim of the assessee on the preliminary ground, we are not going into the merits of the case at this stage. As a result, appeal of the assessee is dismissed. Deemed dividend u/s 2(22)(e) - advances received by the assessee from a concern in which one of the partners of the assessee firm was holding major share holding - Held that:- Deemed dividend could be assessed only in the hands of the person, who has shareholder in the lender company and not in the hands of the borrowing concern in which such shareholder was member or partner having substantial interest. Since the assessee firm was not shareholder in the lender company, viz. M/s Siroya FM Construction Pvt Ltd, the impugned amount of loan cannot be taxed in the hands of the assessee firm as deemed dividend. See CIT vs Universal Medicare Pvt Ltd [2010 (3) TMI 323 - BOMBAY HIGH COURT] - Decided in favour of assessee
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