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2020 (2) TMI 927 - AT - Income TaxDeemed dividend u/s 2(22)(e) - HELD THAT:- Additional evidence filed by the assessee are the copies of the resolutions of the Board of Directors of the company for setting up of a hospital at Vizag and at Nagpur and also land allotment letters by MADC on receipt of payment from the assessee - letters issued by the Ministry of Corporate Affairs dated 31.07.2017 wherein the scheme of merger of Visakha Hospitals VHDL and M/s. Quality Care India Ltd, the assessee herein is approved. It is the argument of the assessee that the business of VHDL has now become the business of the assessee w.e.f. the appointed date i.e. 1.4.2016. We deem it fit and proper to admit the additional evidence and remand the same to the file of the AO for de novo consideration in accordance with law, particularly, the contention of the assessee that the advances from VHDL were received in the financial year 2011-12. Similarly, with regard to the advances of ₹ 1.00 crore from GHCL to the assessee also, the AO may re-examine the issue i.e. the period of receipt of income, whether it had accumulated profits during the relevant period and whether it was for commercial expediency as claimed by the assessee. Assessee’s appeal is treated as allowed for statistical purposes.
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