TMI Blog2019 (6) TMI 1081X X X X Extracts X X X X X X X X Extracts X X X X ..... 2(22)(e) of the Act. Accordingly, we direct the AO to compute the deemed dividend as discussed above applying the ratio of the decision in the case of M/s.Aswani Enterprises [ 2018 (10) TMI 373 - MADRAS HIGH COURT] Unexplained credit in capital account - HELD THAT:- Assessee has not filed details on this aspect of addition before the AO in assessment proceedings and there is no finding by the AO in respect of submission of any information/details by the assessee. Further there may be various reasons for the assessee for not filing the details and also the assessee shall not gain or benefited by delaying the process of furnishing evidence to substantiate the claims. - Matter remitted before AO for fresh adjudication and also provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsequently, the AO issued notice u/s 148 of the Act dated 26/3/2013 and the assessee filed letter dated 28/12/2014 to treat the Return of income filed on 15/7/2009 as compliance to the notice. AO issued notice u/s 143(2) and 142(1) and the learned AR appeared from time to time and filed the details. In the reassessment proceedings, AO found that the assessee has received loan of ₹ 38,94,751.72 from M/s. S.G.Equipments Machines Pvt. Ltd., where the assessee holds 50% of the share-holding. Since the assessee could not submit satisfactory explanations for the loan received from the company, the AO dealt on the provisions of 2(22)(e) and the Explanation to section in the assessment order and treated the loan of ₹ 38,94,752/- as de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dividend subject to tax in the assessment year 2008-09, the AO has to calculate the deemed dividend for assessment year 2009-10. Ld.AR filed paper book in support of the claim and prayed for allowing the ground of appeal. 7. On the second disputed issue the learned AR submitted that the AO has made addition of ₹ 1,20,31,000/- whereas, the assessee has submitted the PAN No. and Aadhar card in respect of persons from whom the money has been obtained. The learned AR emphasised that the amounts have been credited to assessee s capital account are out of his proprietary concerns and corporate company s balances and the learned AR substantiated his stand with the copy of the ledger account evidences and PAN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ard. Hence, for the assessment year 1999-2000, the Assessing Officer was directed to compute the deemed dividend equivalent to the amount advanced during that year to the extent the PGIIPL had accumulated profits after adjustment of the deemed dividend for the assessment year 1998-99. We found that the amount has been assessed in the hands of the assessee as deemed dividend in assessment year 2008-09 an as such, the deemed dividend so assessed should be reduced from the accumulated profits and balance amount of accumulated profits should be considered in the current year for the purpose of section 2(22)(e) of the Act. Accordingly, we direct the AO to compute the deemed dividend as discussed above applying the ratio of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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