2026 (4) TMI 1381

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.... proceeding u/s 143(3) r.w.s. 147 of the Income Tax Act. 2. The brief facts of the case are that the assessee had filed return of income for the A.Y. 2013-14 on 25.09.2013 declaring total income of Rs. 38,26,620/-. The original assessment was completed u/s. 143(3) on 23.12.2015 at total income of Rs. 41,96,186/-. Thereafter, the case of the assessee was reopened u/s. 147 of the Act, on the basis of information received that assessee had obtained certain loan which was in the nature of deemed dividend u/s. 2(22)(e) of the Act. The re-assessment was completed u/s. 143(3) r.w.s. 147 of the Act, on 22.11.2018 at total income of Rs. 1,35,87,046/- wherein an addition of Rs. 93,90,860/- was made u/s. 2(22)(e) of the Act. 3. Aggrieved with th....

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.... on 01.04.2021 represented loan taken by the assessee from company during the current financial year. He explained that the opening balance was old outstanding and during the current financial year there was a transaction of Rs. 4,00,000/- only with M/s. OIMPL. Therefore, the AO was not correct in treating the opening balance as on 01.04.2014 as loan taken during the current year and treating the same as deemed dividend. 6. Per Contra, Shri Abhijit, the Ld. Sr.-DR supported the order of the lower authorities. 7. We have considered submissions of the assessee. From the copy of the reason recorded by the AO brought on record, it transpires that the AO had reopened the case on the basis of opening balance of Rs. 1,20,84,285/- as on 01.04....