2010 (2) TMI 1155

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....nal?s order dated 12.09.2008 passed in ITA No.2131/Del/2007 pertaining to the assessment year 2004-05. The question before the Tribunal was whether the Commissioner of Income-tax (Appeals) in his order dated 26.02.2007 had erred in confirming the addition of Rs. 30 lakhs made by the Assessing Officer treating the said amount as deemed dividend under Section 2(22)(e) of the Income-tax Act, 1961. ....

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....nto by the company through the assessee. The Tribunal noted that no material had been brought on record to suggest that what was explained by the assessee was incorrect. The Tribunal also noted the fact that the said amount of Rs. 30 lakhs had been given to the assessee on 27.06.2003 and as the deal did not materialize, the same was returned by the assessee shortly thereafter, i.e., on 04.07.2003.....