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2017 (12) TMI 373 - AT - Income TaxDeemed dividend addition made u/s 2(22)(e) - percentage of beneficial holding - Held that:- As perused the list containing details of share holding of the company duly certified by the Company Secretary which is on record. As per the same, the share holding of the appellant is only 9% but this fact has to be verified by the authorities below. The assessee has submitted the additional evidence before the ld. CIT(A) which was accepted. We find sufficient cause for not submitting documents before the Assessing Officer in this regard and the ld. CIT(A) should have admitted the additional evidence and should have examined the same by taking remand report from the Assessing Officer. Therefore, CIT(A) is directed to admit the additional evidence furnished by the ld. counsel for the assessee with regard to share holding of the company which is claimed to be 9% instead of 50% in all the years and decide the case de novo by affording adequate opportunity of being heard to the assessee. Accordingly the appeal of the assessee for assessment year 2006-07 is allowed for statistical purposes.
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