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of <h1>Revenue's Appeal Dismissed Due to Disallowance Timing, Beneficial Ownership, Evidence Rule Violation</h1> The Revenue's appeal was dismissed as the disallowance was made before filing the income tax return. The addition made under section 2(22)(e) was deleted ... - Issues involved: Appeal by revenue and cross objection by assessee against the order of CIT(A) for A.Y. 2006-07.Issue 1: Addition made by AO u/s 2(24)(x) read with sec. 36(1)(va) on account of PF & ESIC.- Revenue's appeal dismissed as disallowance was made prior to filing return of income.- Decision based on Hon'ble Delhi High Court and Supreme Court rulings.Issue 2: Addition made by AO u/s 2(22)(e) on account of deemed dividend.- Assessee only beneficial owner, not registered owner of shares.- CIT(A) deleted addition, citing legal and beneficial ownership criteria.- Decision supported by Mumbai Special Bench ruling.Issue 3: Acceptance of additional evidences in violation of rule 46A of I.T. Rule.- CIT(A) erred in accepting additional evidences.- Ground dismissed without further discussion.Issue 4: Addition made by AO on account of under valuation of closing stock.- AO observed under valuation but no impact on income.- Assessee followed Accounting Standard AS-2 for stock valuation.- AO admitted no impact on profit and loss account.- Addition rightly deleted by CIT(A) as per Accounting Standard AS-2.Conclusion: Revenue's appeal dismissed on all grounds. Cross objection withdrawn by assessee. Departmental appeal and cross objection both dismissed.
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