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2022 (2) TMI 37 - AT - Income TaxPenalty levied u/s 271(1)(c) - deemed dividend u/s 2(22)(e) - HELD THAT:- The loan transaction was duly reflected in the books of account of the two companies and in fact, the loan transaction was treated as deemed dividend in the hands of M/s Raas Intratech [P] Ltd but subsequently, on the directions of the ld. CIT(A), the same was added in the hands of the assessee. At the inception itself, the issue being highly debatable, as to in whose hands the addition has to be made, therefore, the first appellate authority was convinced that the addition has been made in the deeming provision and is debatable. We are of the considered view that such a highly debatable issue at the relevant point of time [Assessment Years under consideration] cannot be the subject matter of filing inaccurate particulars of income or concealment of income when the facts were very much available with the Assessing Officer. Considering the facts of the case in totality, we do not find any reason to interfere with the findings of the ld. CIT(A). - Decide against revenue.
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