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TMI Blog2018 (9) TMI 218X X X X Extracts X X X X X X X X Extracts X X X X ..... , subsequently sustained by the two appellate fora that the sums representing loan in the books of the assessee received from the two corporate entities ought to be added as deemed dividend to the assessee’s income but this shall be subject to computation of accumulated profit of the two companies - remand the matter to the assessing officer for the limited purpose of determining as to whether the sums directed to be added as deemed dividend in his order exceeds the accumulated profit of the respective companies or not - ITAT No. 107 of 2017 And GA No. 2354 of 2017 - - - Dated:- 25-6-2018 - MR. ANIRUDDHA BOSE AND MR. AMITABHA CHATTERJEE, JJ. For The Appellant : Mr. P. Jhunjhunwala, Mr. M. M. Chandra Advocates For The Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... treated as deemed dividend in the hands of the assessee and the said sum had escaped assessment for the assessment year 2006-07. The sums advanced as loans by the two companies was quantified to be ₹ 4, 75, 000/-. But upon computation of accumulated profit, a sum of ₹ 4, 43, 000/- was directed to be added to the total income of the assessee as deemed dividend and separate penalty proceeding was ordered. The Commissioner of Income Tax (Appeals) confirmed the decision of the assessing officer directing addition to the income of the assessee the aforesaid sum, chargeable under the head deemed dividend . The Tribunal dismissed the assessee s appeal, against which the assessee has come before us. We have been taken through th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umulated profit of the two companies. We, accordingly, remand the matter to the assessing officer for the limited purpose of determining as to whether the sums directed to be added as deemed dividend in his order exceeds the accumulated profit of the respective companies or not. In the event the sums received as loan exceed the accumulated profit but do not match the computation of the assessing officer, then the assessing officer shall make necessary modification or adjustment and take consequential steps in accordance with law. This exercise shall be completed within a period of eight weeks from the date of communication of this order to the assessing officer by the assessee. To that extent, decision of the Tribunal stand modified. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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