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2019 (6) TMI 1081 - AT - Income TaxDeemed dividend u/s 2(22)(e) - assessee has received loan from M/s. S.G.Equipments & Machines Pvt. Ltd., where the assessee holds 50% of the share-holding - as per assessee amount has to be worked out based on the current year accumulated profits after adjustment of deemed dividend of assessment year 2008-09 - HELD THAT:- Amount has been assessed in the hands of the assessee as deemed dividend in assessment year 2008-09 an as such, the deemed dividend so assessed should be reduced from the accumulated profits and balance amount of accumulated profits should be considered in the current year for the purpose of section 2(22)(e) of the Act. Accordingly, we direct the AO to compute the deemed dividend as discussed above applying the ratio of the decision in the case of M/s.Aswani Enterprises [2018 (10) TMI 373 - MADRAS HIGH COURT] Unexplained credit in capital account - HELD THAT:- Assessee has not filed details on this aspect of addition before the AO in assessment proceedings and there is no finding by the AO in respect of submission of any information/details by the assessee. Further there may be various reasons for the assessee for not filing the details and also the assessee shall not gain or benefited by delaying the process of furnishing evidence to substantiate the claims. - Matter remitted before AO for fresh adjudication and also provide adequate opportunity of hearing to the assessee.
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