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2022 (2) TMI 976 - AT - Income TaxDisallowing the exempt dividend income and taxing the same as 'Dividend Stripping' u/s. 94(7) - consequent reducing the loss claimed by the Appellant - contention of the assessee before the CIT(Appeals) was that amount was out of the scope of Section 94(7) as the dividend included dividend from mutual funds, which was not covered under the provisions of Section 94(7) - CIT(Appeals) sustained the addition - HELD THAT:- As contention of the assessee is not rebutted by the Revenue. Moreover, the assessee had furnished the details of mutual funds before the learned CIT(Appeals). Hence, the finding of learned CIT(Appeals) that the assessee has not provided break up of dividend is erroneous. Therefore, same cannot be sustained - we hereby direct the Assessing officer to delete the addition. - Decided in favour of assessee.
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