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TMI Blog2023 (8) TMI 516X X X X Extracts X X X X X X X X Extracts X X X X ..... g that assessee shareholder had given loan to the company and it cannot be taxed as deemed dividend - ITAT confirmed deletion of addition - HELD THAT:- It is not in dispute that the CIT(A) has recorded that assessee had advanced Rs.13.62 Lakhs to the company. It is also not in dispute that AO has noticed that assessee had withdrawn Rs.8.52 Crores. Thus, neither the order passed by the AO nor the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chowdhary, Advocate JUDGMENT This appeal by the Revenue, challenging order dated 31.08.2017 in ITA.No.1637/Bang/2016 for the A.Y. Assessment Year 2013- 14, has been admitted to consider the following question of law: Whether in the facts and circumstances of the case, the Tribunal is right in law in confirming the deletion of addition of Rs.8,52,05,481/- by CIT(A) holding that si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice under Section 142(1) was issued. In response to the notice, assessee filed return of income on 18.02.2015 declaring an income of Rs.35.11 Lakhs and AO Assessing Officer completed the assessment proceedings and made additions amounting to Rs.8.52 Crores as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961 'the Act' for short . 4. The CIT(A) Commissioner of Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t recorded any reasons for allowing the appeals. 7. Shri. Mahesh Chowdhary submitted that the AO has recorded in para 5.7 of the impugned order that assessee had explained that he had got loans to the company by borrowing from private financiers and submitted its proof. With regard to CIT(A)'s order that assessee had given loan of Rs.13.62 Lakhs but drawn only Rs.8.52 Crores, he submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se, we are of the opinion that assessee's claim that he had given loan to the company and received corresponding payment by the company towards repayment of loan has to be correctly determined. The ITAT is the last fact finding authority. We deem it appropriate to remand the matter to ITAT for re-consideration in the light of observations made hereinabove. In view of the above, the following: ..... X X X X Extracts X X X X X X X X Extracts X X X X
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