9911796707
TMI Blog2018 (9) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... Mark Pvt. Ltd. to the assessee as deemed dividend are satisfied. In view of this factual position, we find no reason to interfere in the order of CIT(A).- Decided against assessee. - ITA No. 2066/Bang/2017 - - - Dated:- 31-8-2018 - SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER For The Appellant : None For The Respondent : Dr. P.V. Pradeep Kuma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d circumstances of the case. 2.2 The learned assessing officer has erred in adding a sum of ₹ 1,16,80,000/- as deemed dividend in the hands of the appellant by invoking the provisions of section 2(22)(e) of the Act and the learned CIT(A) has erred in confirming the same. On proper appreciation of facts of the case and the law applicable, the addition as made/confirmed being totally err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the next date of hearing. On 26.07.2018, none appeared on behalf of the assessee and there is no request for adjournment and therefore, the appeal of the assessee was heard ex-parte qua the assessee. The ld. DR of revenue supported the order of CIT(A). 4. We have considered the submissions of ld. DR of revenue and gone through the orders of authorities below. We find that only one issue is invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, to treat the amount of loan given by M/s Favorich Mark Pvt Ltd. to the appellant as deemed dividend, are satisfied. The AO has discussed the issue in detail in his order and there is merit in the reasoning given by the AO for treating the amount of loan as deemed dividend. The argument of the appellant, as made before the AO, that the amount was given as a loan due to business exigency does n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmed and the grounds of appeal 2 to 4 of the appellant are dismissed. 5. As per above para reproduced from the order of CIT(A), it is seen that a categorical finding has been given by CIT(A) that the conditions laid down in section 2(22)(e) of IT Act to treat the amount of loan given by a company M/s. Favorich Mark Pvt. Ltd. to the assessee as deemed dividend are satisfied. In view of this f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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