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2020 (12) TMI 11 - AT - Income TaxDeemed dividend u/s 2(22)(e) - outstanding as on 31.03.2014 was a loan and the assessee got direct benefit from the company, hence taxed the same as deemed dividend - CIT(A) deleted the addition - HELD THAT:- CIT(A) correctly deleted the addition following the order of this Tribunal in the assessee’s own case for the earlier assessment year 2014-15 [2018 (8) TMI 2004 - ITAT VISAKHAPATNAM] on identical facts wherein held the transactions between them are business transactions as brought out by the Assessing Officer at para 7.3 of the order. The non-business transactions are few and mostly are through journal entries and not receipts/payments. As facts being the same, respectfully following the order of CIT(A) for A.Y.2014- 15 and that of ITAT for A.Y2014-15, it is held that no direct or indirect benefit is derived by the appellant warranting addition u/s 2(22)(e). - Decided in favour of assessee.
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