2019 (10) TMI 385

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....M.S.Mathuria, AR For the Respondent : Shri Satishchandra Rajore, And Shri Manish Kumar Singh, DRs ORDER PER RAJESH KUMAR, ACCOUNTANT MEMBER: These two appeals are filed by the two assessees against the two separate orders of the Commissioner of Income Tax (Appeals)-20, Mumbai. Since the issue is common in both of these appeals, we have heard together and decided by this common order. F....

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....ain vide order dt.10-11-2010, restored the issue to the file of AO with certain directions to decide the issue by giving reasonable opportunity to the assessee. Now the AO has, after allowing opportunity to the assessee, framed the assessment u/s.143(3) r.w.s.254 of the Act vide order dt.22-10- 2012, again making the addition of Rs. 74,32,885/-. According to the Ld.AO, the said addition represente....

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....t was advanced by the assessee. 4. Ld.CIT(A) appended a chart in para 5.6 and 5.8 and accordingly held that Rs. 50,78,658/- has to be considered as deemed dividend in the hands of the assessee. 5. After hearing both the parties and perusing material on record, including the documents filed by the assessee in the Paper Book in support of its contentions, we observe that undisputedly, the asse....

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.... years was on account of trading operation only. Similarly, in the current year, we observe that major payments were made towards opening balances balance and thereafter against the various expenses and JV amounts payable. Under these circumstances, we are of the view that to hold the transactions of trading in nature entered into in the ordinary course of business as deemed dividend would be a....