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2023 (4) TMI 947 - AT - Income TaxRevision u/s 263 - assessment u/s 153A completed - Deemed dividend addition u/s 2(22)(e) - assessee is a beneficial owner of shares holding 12% of the voting power in company granting loan - contradictory views - HELD THAT:- There is also no dispute that nothing incriminating was found to suggest the applicability of the provisions of section 2(22)(e) of the Act. Since no incriminating material was found in relation to the deeming provisions of section 2(22)(e) of the Act, the ratio laid down by the Hon’ble Delhi High Court in the case of Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] squarely apply We are of the considered view that there are several decisions of the Hon’ble High Courts which are in favour of the assessee and some decisions may be in favour of the revenue. This shows that multiple views are possible on the same set of facts. The AO has followed one plausible view and the Pr. CIT is of different view. When two views are possible assumption of jurisdiction u/s. 263 of the Act is unwarranted and bad in law as held by the Hon’ble Supreme court in Malabar Industries Company[2000 (2) TMI 10 - SUPREME COURT] Respectfully following the ratio laid down by the Hon’ble Supreme Court (supra) on the facts of the case in hand we set aside the order of the Pr. CIT framed u/s. 263 of the Act and restore that of the assessing officer dated framed u/s.153A r.w.s. 143 (3) of the Act. Decided in favour of assessee.
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