Tribunal dismisses Revenue's appeal, ruling on deemed dividend and income from house property issues.

The Tribunal upheld the CIT(A)'s decisions in both issues, dismissing the Revenue's appeal. Regarding the deemed dividend u/s. 2(22)(e), the Tribunal found that the amount received back by the assessee was a return of a loan given to the company, not subject to deemed dividend treatment. On the addition of income from house property, the Tribunal agreed with the CIT(A)'s decision to delete the addition, emphasizing discrepancies in the Assessing Officer's basis and citing a precedent supporting the deletion.

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Issues involved:
1. Deemed dividend u/s. 2(22)(e) - Relief granted by CIT(A)
2. Addition of income from house property - Deletion by CIT(A)

Deemed dividend u/s. 2(22)(e):
The Revenue appealed against the CIT(A)'s order granting relief of Rs. 12,10,396 to the assessee regarding the addition made as deemed dividend u/s. 2(22)(e). The Revenue contended that the additional evidence produced by the assessee was not examined by the Assessing Officer and lacked material to show reasonable cause for its late submission. The Tribunal noted that the amount in question comprised the opening balance receivable by the assessee from a company in which she held shares, along with subsequent transactions. The Tribunal upheld the CIT(A)'s decision, stating that the amount received back by the assessee was a return of a loan given to the company, not subject to deemed dividend treatment. The Tribunal also considered the salary income already offered for taxation by the assessee, leading to the dismissal of the Revenue's appeal on this ground.

Addition of income from house property:
The second issue pertained to the deletion of an addition of Rs. 8,59,873 on account of income from house property by the CIT(A). The Assessing Officer had added this amount as income from house property, alleging non-disclosure of rental income from various properties owned by the assessee. The CIT(A deleted the addition, citing it as baseless and presumptuous without providing concrete reasons. The Tribunal examined the factual matrix and submissions made by the assessee, highlighting discrepancies in the Assessing Officer's basis for the additions. The Tribunal agreed with the CIT(A)'s decision, emphasizing that the facts were already before the Assessing Officer and remained unchallenged. Additionally, a precedent involving a similar issue with the assessee's husband supported the deletion of the addition. Consequently, the Tribunal affirmed the CIT(A)'s decision to delete the addition under the head of income from house property, leading to the dismissal of the Revenue's appeal.

In conclusion, the Tribunal upheld the CIT(A)'s decisions in both issues, dismissing the Revenue's appeal and providing detailed reasoning for each issue based on the facts and legal provisions presented during the proceedings.

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