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2019 (7) TMI 443 - HC - Income TaxRevision u/s 263 - Addition u/s 2(22)(e) - ITAT quashing the order passed by PCIT u/s 263 holding that the provision of Section 2 (22) (e) in respect of the issue of deemed dividend would not be attracted in the facts and circumstances of this case - HELD THAT:- Exercise of sending the matter back to the AO for a fresh assessment pursuant to the impugned order of the PCIT under Section 263 is not warranted. The Revenue has not been able to persuade this Court that the amount received from AAPIL was not converted to share capital and remained in the nature of loans and advances. That fact is reflected as such in the balance sheet. Consequently, the observation of the ITAT that the order passed by the AO is not erroneous and Section 2(22)(e) of the Act is not attracted, does not call for interference. It would be a mere academic exercise to require the AO to undertake a fresh assessment - no substantial question of law
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