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2019 (12) TMI 1109 - ITAT CUTTACKAddition u/s 68 - Assessee has accepted the amount received from the account of ARRS Developers Ltd., to his bank account as deemed dividend u/s.2(22)(e) - HELD THAT:- AO was not right in making addition in the hands of the assessee u/s.68 of the Act and ld CIT(A) was not correct in upholding the same. It is pertinent to note that the assessee has conceded ₹ 50,00,000/- as received as deemed dividend u/s.2(22)(e) of the Act only before the Tribunal and the authorities below had no occasion to deal with the issue while considering this fact. Therefore, in the changing scenario, we confirm ₹ 50 lakhs in the hands of the assessee u/s.2(22)(e) of the Act and consequently, other additions made by the AO and confirmed by ld CIT(A) only on the basis of ledger/book entry in the respective accounts and balance sheet of the assessee and his wife cannot be held as sustainable. Addition u/s 68 - sum payable to the daughter of the appellant Smt. Silpa Agarwal against sale of shares of M/s ARSS Infrastructure Projects Ltd. - HELD THAT:- We find no error in the findings of the ld CIT(A) that no materials were produced before the authorities below. Before us, no valid explanation was submitted by ld counsel for the assessee to prove that Silpa Agarwal has paid the amount of ₹ 1,25,000/- to the assessee. - Decided against assessee.
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