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2023 (11) TMI 629 - AT - Income TaxDeemed dividend u/s 2(22)(e) - two shareholders of the assessee company having 70% and 30% of shares respectively are registered shareholders of the lending companies - CIT(A) deleted the additions - HELD THAT:- We noted that the issue is fully covered in favour of the assessee as the assessee-company neither registered shareholder nor beneficial shareholder in its group concerns, wherein the unsecured loans or deposits was availed by assessee. This being factual position and the issue is being covered by Hon’ble Madras High Court in the case of M/s. Ennore Cargo Container Terminal P. Ltd. [2017 (4) TMI 615 - MADRAS HIGH COURT] and case of Pradip Kumar Malhotra [2011 (8) TMI 16 - CALCUTTA HIGH COURT] Hence, we find no infirmity in the order of CIT(A) and hence, the same is affirmed. CIT(A)'s power for reopening of assessment u/s. 251 - Coming to assessee’s appeal, we noted that the appeal of the assessee in supportive of the order of CIT(A), but only on the point that the CIT(A) cannot give direction to the A.O for reopening of assessment u/s. 251 of the Act. We find that this can be examined by the A.O at the time of taking a decision whether to reopen the assessment or not u/s. 251 of the Act. Hence, both the appeals, that of the assessee and of the Revenue, are dismissed.
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