1.  Commissioner of Income Tax Vs. Octave Apparels, ITA No. 132 of 2012 (O&M), Date of Order: 11.09.2012, Punjab & Haryana High Court

No application of S. 2(22)(e), where shareholding of each partners of assessee-firm as well as of assessee-firm in closely held company is less than 10 per cent, even though their cumulative shareholding is more than 10 per cent.

CIT v. Arora Knit Fab (P.) Ltd. [IT Appeal No. 14 of 2012, dated 19-4-2012] it was held that shareholders of different holdings cannot be clubbed to decide issue of fulfilment of conditions laid down in section 2(22)(e). Only shareholder can be assessed on account of deemed dividend and not the company under aforesaid provisions.

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2.  Commissioner of Income Tax Vs. Indira Exports (P.) Ltd, ITA No. 24 of 2012, Date of Order: 26.09.2013, High Court of Madhya Pradesh

No reassessment if issue already examined under revisional proceedings.

That the issue with regard to claim of deduction u/s 80 HHC which has been dealt with by the ld. CIT by issuing notice u/s 263 was dropped after considering AO's report dated 07.10.2002 and it was held that considering this report and the legal position there is no reason to disallow any portion of the deduction allowed u/s 80HHC of the Income Tax Act, 1961, for all the three years under consideration. As the issue has already been examined and held in favour of the assessee by that ld. CIT on the basis of report of the AO, we do not find any merit in the initiation of proceedings u/s 147 by the same AO. The reopening of assessment on the same reasons as were recorded for initiation of proceedings u/s 263 is not permissible, particularly in the absence of any new material on the basis of reasonable belief that income has escaped assessment

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