TMI Blog2018 (8) TMI 846X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany available at the beginning of the relevant financial year. Thus, we agree with the contention of the assessee, that there is a mistake apparent from the order of the Tribunal. Additions restricted to the amount of accumulated profit - Decided partly in favor of assessee. - M.A. No.68/Hyd/2018 (Arising out of ITA No.240/Hyd/2017) - - - Dated:- 10-8-2018 - Smt. P. Madhavi Devi, Judicial Member And Shri S.Rifaur Rahman, Accountant Member For Assessee : Shri K.C. Devdas For Revenue : Shri J. Pavitram Kumar, DR ORDER Per Smt. P. Madhavi Devi, J.M. This Miscellaneous Application is filed by the assessee seeking rectification of alleged mistakes apparent from the order of the Tribunal dated 31.05.2018. The assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the order held as under:- 6. As regards the sum of ₹ 5,29, 750, it is seen that the company has received a loan from Lie and has transferred the ITA No 240 of 2017 Srikanth Marru Hyderabad. Page 4 of 4 same to the assessee on 14.8.2008. This loan was taken on the premium paid for the Keyman Insurance Policy taken on 31.3.2008. Since the nexus between the loan and advance to the assessee is clearly established and there is accumulated profit of the company available to such an extent, the same is taxable as deemed dividend u/s 2(22)(e) of the Act. In view of the same, the addition u/s 2(22J(e) is partly deleted. 6. The Appellant submits that there is a mistake apparent from record as the provisions of section 2(22)(e) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. 8. Therefore it is prayed that the Hon'ble Tribunal may be pleased to rectify the order on the facts admitted above and pass order as deem fit . 2. The learned Counsel for the assessee submitted that for applying the provisions of section 2(22)(e) of the Act, the basic condition to be fulfilled is that the company must have advanced loans/ advances from its accumulated profits of the relevant financial year. He submitted that the Tribunal has clearly held that the assessee was received a loan from LIC which has been transferred towards payment of premium for the Keyman Insurance Policy and therefore, a nexus between the loan and the alleged advance to the assessee is clearly established. He submitted that even from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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