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2021 (2) TMI 1054 - AT - Income TaxDeemed dividend addition u/s 2(22)(e) - company had accumulated profits as on 31.3.2013 and the assessee is a substantial shareholder i.e. 15.13% of M/s. Tejdeep Engg Enterprises (P) Ltd.- assessee has shown the transaction as an unsecured loan in its books of account - HELD THAT:- We find that the assessee has entered into a ‘share purchase agreement’ with M/s. Tejdeep Engg. Enterprises (P) Ltd, and has received consideration as on the date of agreement, and the transactions are also duly reflected in the Bank Statement of the assessee. Except for the reason that the assessee has shown the same as an unsecured loan in its books of account, there is no evidence brought on record by the AO that this is not a genuine sale transaction. The assessee has stated that subsequently, the transaction was completed and the shares were also transferred to Tejdeep Engg. Enterprises Ltd. Therefore, we deem it fit and proper to direct the AO to verify this contention of the assessee and if the contention of the assessee is found to be correct, then the addition u/s 2(22)(e) cannot be made. Therefore, the appeal of the assessee is treated as allowed for statistical purposes.
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