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2020 (8) TMI 821 - AT - Income TaxRectification of mistake - Deemed dividend u/s 2(22)(e) - assessee company had taken a loan from another company - decision of Hon'ble Supreme Court was also not considered by the Tribunal while passing the order - HELD THAT:- We notice that the Tribunal has not examined applicability of the binding decision of Hon'ble jurisdictional High Court rendered in the case of Sarva Equity Pvt. Ltd [2014 (4) TMI 788 - KARNATAKA HIGH COURT] and also did not consider decision rendered by Hon'ble Supreme Court in the case of Madhur Housing and Development Co. [2017 (10) TMI 1279 - SUPREME COURT]. Hence non-consideration of both the above decisions would result in a mistake apparent from record as held by Hon'ble Supreme Court in the case of ACIT Vs. Saurashtra Kutch Stock Exchange Ltd. [2008 (9) TMI 11 - SUPREME COURT]. The learned Authorised Representative has also pointed out that the Tribunal has misquoted the share holding pattern of the assessee company by observing that 2% of shares were held by M/s. Shree Hanuman Jute Mills Private Limited which is also a mistake apparent from record. We are of the opinion that there is merit in the petition filed by the assessee. Since the mistakes goes to the root of the matter, we are of the view that impugned order passed by the Tribunal deserves to be recalled. Misc. Petition filed by the assessee is allowed.
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