2018 (9) TMI 278

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....ondent : Dr. P.V. Pradeep Kumar, Addl. CIT (DR) ORDER Per Shri A.K. Garodia, Accountant Member This appeal is filed by the assessee and the same is directed against the order of ld. CIT(A)-3, Bangalore dated 11.09.2017 for Assessment Year 2014-15. 2. The grounds raised by the assessee are as under. "1. The learned Assessing Officer had erred in passing the order in the manner ....

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....rmed being totally erroneous is to be deleted. 3. The appellant also denies the liability to pay Interest U/s. 234A and 234B of I.T. Act, 1961. The interest having been levied erroneously is to be deleted. 4. In view of the above and on other grounds to be adduced at the time of hearing, it is requested that the order passed be quashed or at least the amount treated as deemed div....

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....that only one issue is involved in this appeal i.e. regarding addition made by the AO of Rs. 116.80 lakhs as deemed dividend by invoking the provisions of section 2(22)(e) of IT Act. This issue has been decided by CIT(A) as per para 4.2 of his order which is reproduced hereinbelow for ready reference. This para reads as under. "4.2 As regards ground of appeal 2 to 4, the same are related ....

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....business exigency does not make any difference as the lending of money is not the business of the company and the income from same does not form substantial part of the business of this company. As regards the argument of the appellant, as made before the AO, that the company had taken loan from others to give such loan to him, is also of no consequence as the only requirement of the section 2(22)....