2025 (6) TMI 72

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....reinafter referred to as 'the Act'] whereby the Ld. CIT(A) had disposed off the appeal against the Intimation Order, dated 18/12/2019, passed under Section 144 read with Section 147 of the Act for the Assessment Year 2012-2013. 2. The Assessee has raised following grounds of appeal : "1. The Learned NFAC erred on facts and in law in passing the impugned order. 2. The Learned NFAC erred on facts and in law in not appreciating the nature of the transactions and confirming the addition made by the AO under section 2(22)(e) of the Act. 3. The Learned NFAC failed in appreciating that considering the nature of transactions, section 2(22)(e) of the Act was not applicable to the case." 3. The relevant facts in brief....

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.... In appeal memorandum in Form 35 and the written submissions filed, the Assessee contended that adequate opportunity of being heard was denied to the Assessee and that the transaction was a regular commercial transaction not attracting the provisions contained in Section 2(22)(e) of the Act. The CIT(A), vide order dated 19/06/2024, dismissed the appeal preferred by the Assessee. 5. Being aggrieved, the Assessee has preferred the present appeal before the Tribunal on the grounds reproduced in paragraph 2 above. 6. During the course of hearing the Learned Authorized Representative for the Assessee, inter-alia, submitted that the addition made on account of deemed dividend under Section 2(22)(e) of the Act cannot be sustained since the t....

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....inder, it was submitted on behalf of the Assessee that the all the relevant documents and details have already been placed before the Tribunal as part of the paper-book to support the contention of the Assessee. 9. We have given thoughtful consideration to the submissions advanced by both the sides as recorded hereinabove. On perusal of the orders passed by the authorities below, we find that the submission made by the Assessee that the relevant transactions were undertaken during the ordinary course of business has not been tested on account of failure of the Assessee to produced relevant documents/details. At the same time we note that Circular No.19 of 2017, dated 17/06/2017, gives instances where trade advances/commercial transaction....