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TMI Blog2017 (4) TMI 1458X X X X Extracts X X X X X X X X Extracts X X X X ..... rtain circumstances as specified therein. In view of section 2(22)(e) of the Act, loans/advances amount under consideration artificially partake the character of dividend and brought to tax as deemed dividend. The aforesaid provision of section 2(22)(e) has brought a deeming and unnatural concept of treating the returnable loans/advances as taxable income in the hands of borrower in departure w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... merits in the appeals of the Revenue. - I.T(ss).A. No.17/Ahd/2014 And I.T.A. No.45/Ahd/2014 (Assessment Years:2008-09 & 2009-10) - - - Dated:- 5-4-2017 - Shri Pradip Kumar Kedia, Accountant Member And Shri Mahavir Prasad, Judicial Member Appellant by: Shri G.C. Daxini, Sr.DR Respondent by: None- ORDER Pradip Kumar Kedia, Both the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee. The AO thus treated aforesaid amount of loan as deemed dividend in the hands of the assessee under s.2(22)(e) of the Act in the quantum proceedings and also proceeded to impose penalty by invoking section 271(1)(c) of the Act. The CIT(A), however, held that the aforesaid addition does not call for penalty. For coming to such conclusion, the CIT(A) observed that all the relevant f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certain circumstances as specified therein. In view of section 2(22)(e) of the Act, loans/advances amount under consideration artificially partake the character of dividend and brought to tax as deemed dividend. Needless to say, the aforesaid provision of section 2(22)(e) has brought a deeming and unnatural concept of treating the returnable loans/advances as taxable income in the hands of borrow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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