TMI Blog2021 (2) TMI 1054X X X X Extracts X X X X X X X X Extracts X X X X ..... oks of account, there is no evidence brought on record by the AO that this is not a genuine sale transaction. The assessee has stated that subsequently, the transaction was completed and the shares were also transferred to Tejdeep Engg. Enterprises Ltd. Therefore, we deem it fit and proper to direct the AO to verify this contention of the assessee and if the contention of the assessee is found to be correct, then the addition u/s 2(22)(e) cannot be made. Therefore, the appeal of the assessee is treated as allowed for statistical purposes. - ITA No. 197/Hyd/2019 - - - Dated:- 22-2-2021 - Smt. P. Madhavi Devi , Judicial Member And Shri A. Mohan Alankamony , Accountant Member Assessee by : Sri P. Murali Mohana Rao Revenue by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t entered into by both the parties was also submitted. The AO, however, was not satisfied with the said explanation of the assessee. He observed that the ledger a/c of M/s Tejdeep Engg. Showed an opening balance of ₹ 73,02,470/- and during the year, the assessee had paid an amount of ₹ 20.00 lakhs and received ₹ 49,50,000/- and subsequently, the assessee had repaid an amount of ₹ 15,00,000/-. Therefore, the AO was of the opinion that it is a running a/c and it is not for sale of shares. Further, in the books of account of the assessee, the ledger a/c of Tejdeep Engg is grouped under unsecured loans . Therefore, he held that the amounts were received by the assessee as loans and therefore, it is deemed dividend in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hare purchase agreement between the assessee and M/s Tejdeep Engg. Enterprises (P) Ltd which is placed at pages 47 to 49 of the Paper Book which is dated 12.9.2012. He also drew our attention to Page No.50 of the Paper Book wherein the details of the investment as on 31.3.2013 are shown and also to page 51 which is a confirmation from M/s. Tejdeep Engg Enterprises (P) Ltd, confirming the payment of amount of ₹ 49,50,000/- on 12.9.2012 through RTGS for purchase of equity shares of M/s Victoria Steel Enterprises (P) Ltd. Further, he drew our attention to page No.43 of the paper book which is the ledger a/c of the Tejdeep Engg. Enterprises (P) Ltd wherein the payments of a total of ₹ 49,50,000/- through Bank of Baroda cheques are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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