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Income Tax Appellate Tribunal, “E” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO & SHRI RAM LAL NEGI
सुनवाई की तायीख / Date of Hearing : 03.11.2016 घोषणा की तायीख /Date of Pronouncement : 03.11.2016 आदेश / O R D E R
PER D. KARUNAKARA RAO, AM:
This appeal filed by the Revenue on 11.4.2014 is against the order of the CIT (A)-33, Mumbai dated 29.1.2014 for the assessment year 2007-2008. In this appeal, Revenue raised the following grounds which read as under:- “1. On the facts and in the circumstances of the case and in law, the Ld CIT (A) erred in directing the AO to restrict the penalty on the deemed dividend to the amount of Rs. 7,45,787/- as against the addition u/s 2(22)(e) made by the AO of Rs. 39,51,877/-.
2. On the facts and in the circumstances of the case and in law, the Ld CIT (A) erred in holding that for levying of penalty, closing credit balance of Rs. 7,45,787/- as on 30.3.2007 should only be taken as deemed dividend without appreciating the fact that every transaction of loans made by M/s. Talpasya Engg. Works Pvt Ltd has to be taken as deemed dividend under the provisions of section 2(22)(e) of the Act.”