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2019 (11) TMI 96 - AT - Income TaxReopening of assessment u/s 147 - Deemed dividend u/s 2(22)(e) - AO treated the amount received from the company as deemed dividend - HELD THAT:- There is no illegality in the formation of belief by the Assessing Officer, in as much as, at the stage of issuing the notice u/s 148 of the Act, all that is required is that the AO should have some tangible material evidence to reopen the assessment. The information based on which the notice u/s 148 of the Act was issued is an information received from another Income tax officer and the same cannot be faulted with. It is true that during the course of assessment itself the assessee has explained the nature of transactions. It is also true that in the balance sheet of the company M/s J.C. Infotech Technologies Ltd, it has been clearly mentioned that the amount of ₹ 1,80,42,924/- was given to the assessee which was in the ordinary course of business. When same evidence were furnished before the ld. CIT(A), after examining them, the ld. CIT(A) was convinced that the transaction was in the ordinary course of business and provisions of section 2(22(e) of the Act do not apply. - Decided in favour of assessee.
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