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2015 (12) TMI 1614 - AT - Income TaxDeemed dividend addition u/s 2(22)(e) - Held that:- As decided in assess;s own case in AY 2005-06 if the share premium amount is taken out of Reserves and Surplus, the assessee is having negative balance under the head profit and loss account which means that it has accumulated losses for the year ending 31.3.2005, which lead to only logical conclusion that there cannot be any question of deemed dividend. The findings of the Ld. CIT(A) are accordingly reversed. The AC) is directed to delete the addition made on account of deemed dividend u/s. 2(22)(e) of the Act. - Decided in favour of assessee Assessment u/s 153A - whether an addition which is not on the basis of incriminating material as found during the search operation can be made where the assessment has attained finality? - Held that:- Addition made is not based on the incriminating material during the search and the assessment which is already attained finality cannot be disturbed. The additional ground also decided in favour of assessee.
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