Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 286 - AT - Income TaxRevision u/s 263 - Deemed dividend addition u/s 2(22)(e) - Held that:- The instant case, there is no dispute that the assessee company has not made any actual payment to the assessee as the assessee has taken over the actual liability of the company on his shoulder. No asset was distributed to the assessee relating to the company and accumulated profits were not distributed in the form of loans or advances to the assessee. Actual liability of the company has been transferred to the assessee which increases his liability and there is no revenue loss to the department. Though the AO did not examine this issue, the assessment cannot be held to be prejudicial to the interest of the revenue. Accordingly, we are unable to sustain the order of the Pr.CIT passed u/s 263 and the order of the Pr.CIT passed u/s 263 is set aside and the order of the AO is restored.- Decided in favour of assessee.
|