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2018 (1) TMI 1079 - HC - Income TaxAddition u/s 69B - assessee enjoying cash credit facility from Dena Bank against hypothecation of stock - assessee had shown excess stock to the bank - Tribunal deleted the addition - Held that:- There is nothing on record to show that the bank officials have physically verified stock as on 31.3.2010 and were of the view that on account of inflated statements furnished to the banking authorities for the purpose of availing of larger credit facilities, no addition can be made if there appears to be a difference between the stock shown in the books of accounts and the statement furnished to the banking authorities. More so, when the stock statement given to the bank reflects inflated value of the stock otherwise there being no difference in the quantity. Commissioner (Appeals) as well as the Tribunal have recorded a concurrent finding of fact that there was no difference in the quantity of stock as reflected in the books of account and in the statement submitted to the bank, it is not possible to state that the conclusion arrived at by the Tribunal suffers from any legal infirmity. - Decided in favour of assessee Deemed dividend addition u/s 2(22)(e) - ITAT allowed the claim - Held that:- In the present case, the assessee has not made any payment by way of advance or loan to a shareholder, but on the contrary, has received a loan from Akik Tiles Pvt. Ltd. and Marbolite Granito India Ltd. Therefore, if at all the provisions of section 2(22)(e) of the Act were applicable, it would be applicable to the companies who have made such payments, provided the assessee had the requisite share holding. In the present case, the assessee is a recipient of such amounts and hence, the Tribunal was wholly justified in holding that there was no question of invoking section 2(22)(e) of the Act.- Decided in favour of assessee
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