Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (1) TMI 397 - AT - Income TaxAddition on account of dividend income - AO made the addition on the basis of letter dated 12.01.1999 allegedly received by auditors from Mazda Industries and leasing ltd. as observed that Mazda Industries and Leasing Ltd declared dividend for the year ending 31 March 1992 - Held that:- The said dividend income was received in the subsequent year. We have noticed that the letter written by Special Auditor was not confronted to the assessee. The date of declaration of dividend by M/s Mazda Industries and Leasing Ltd was also not brought on record. We noticed that Section 8 provides a legal fiction for taxing the dividend on the date of declaration of dividend. Since, facts relating to the issue were not brought on record. We are of the view that the issue require fresh examination. Accordingly, we restore this issue to the file of AO for his fresh consideration. The assessee should provide with all the material on which the AO place reliance. Thus this Ground of appeal is allowed for statistical purpose.
|