TMI Blog2015 (5) TMI 232X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act, it cannot be said that the Tribunal has committed any error in directing the Assessing Officer not to include the current profit to be part of accumulated profit while determining the amount of deemed dividend under Section 2(22)(e) of the Act. While determining the amount of deemed dividend under Explanation 2 to Section 2(22)(e) of the Act, the current profit was not required to be in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed in ITA No.3229/Ahd/2003 for A.Y.1990-1991, the Revenue has preferred the present tax appeal to consider the following substantial questions of law:- (A) Whether the Appellate Tribunal is right in law and on facts in setting aside the order of the CIT(A) and directing the Assessing Officer not to include the current profit to be part of accumulated profit while determining the amount of dee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case without deciding the issue whether the Assessing Officer was justified in rejecting the rectification application submitted by the assessee which was submitted under Section 154 of the Income Tax Act (hereinafter referred to as the 'Act'). Mrs.Bhatt, learned advocate appearing on behalf of the Revenue has even made the submissions on merits and submitted that the learned Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the fate even if the matter is remitted either to the learned Tribunal or to the Assessing Officer to consider the issue on merits afresh. Therefore, we ourselves have considered the issue with respect to the main issue on merits whether the Assessing Officer was justified in including the current profit to be part of accumulated profit while determining the amount of deemed dividend under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of Associated Banking Corporation of Ind. Ltd. V/s. Commissioner of Income-Tax, Bombay reported in (1965) Vol.56 ITR 1 (SC) by which, the view taken that the profit accrues when the books of account are closed. 5. Under the circumstances and considering the Explanation 2 to Section 2(22)(e) of the Act, we confirm the view taken by the learned Tribunal and held the question No.1 rai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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