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2021 (8) TMI 602 - AT - Income TaxTreatment of deemed dividend of the unsecured loan received by the assessee from group Company - HELD THAT:- CIT(A) accepted the assessee's plea that the disallowance if any should be restricted to be 75 lakhs. However as regards the plea of the assessee that assessee is not a registered shareholder of the company from where it has received the loan, the learned CIT(A) referred to the fact that on this issue the matter has travelled to the Supreme Court and the Hon'ble Supreme Court has referred the matter to a Larger Bench. He noted that on similar facts ITAT has directed that the AO should await the order of Supreme Court and then decide the issue. Hence, the learned CIT(A) remitted the matter to the AO and directed him decide the issue after the receipt of Supreme Court order on the above. We note that the NATIONAL TRAVEL SERVICES VERSUS COMMISSIONER OF INCOME TAX, DELHI, VIII [2018 (1) TMI 1159 - SUPREME COURT] has not reversed its order on the issue but has referred to a Larger Bench. Further we note that as per section 251 of the Act there is no power of learned CIT(A) to remand the matter. In this view of the matter the order of learned CIT(A) remanding the issue the file of assessing officer is not at all sustainable. In this regard learned counsel of the assessee has also referred to the decision of honourable Bombay High Court for the proposition that the issue is covered in favour of the assessee. Upon careful consideration we find that interest of justice demands that issue be remitted to the file of learned CIT(A), as he has no power to remand the issue to the assessing officer. The learned CIT(A) is directed to consider the issue afresh after considering all facts. Needless to add assessee should be granted adequate opportunity of being heard - Appeal by the assessee is partly allowed for statistical purposes.
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