Government water works contract GST concession applied before its withdrawal, while contractual tax reimbursement claims lay outside advance-ruling sc...
Stamp valuation increases after registration-fee payment led to deletion of property-purchase addition within tolerance and without valuation referral...
Capital Asset Conversion Requires Proven Business Stock Treatment; Paper Consideration in Spousal Flat Transfers Does Not Create Taxable Business Inco...
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Deemed dividend u/s 2(22)(e) - amount received as part of salary/remuneration paid to the assessee - The ITAT examined the statements recorded during the survey and the impounded trial balance. It noted that while the appellant claimed the amount was received as advance against remuneration, the trial balance showed the amount under the head of short term loan & advance. However, the Tribunal observed that the books of accounts were incomplete at the time of the survey, and entries made by the junior accountant were not approved by management. - The tribunal accepted the argument that the company had deducted TDS on remuneration paid. - The ITAT held that since the appellant had already accounted for the disputed amount in their income tax return and paid tax on it, there would be double taxation if the amount was treated as deemed dividend.
Deemed dividend u/s 2(22)(e) - amount received as part of salary/remuneration paid to the assessee - The ITAT examined the statements recorded during the survey and the impounded trial balance. It noted that while the appellant claimed the amount was received as advance against remuneration, the trial balance showed the amount under the head of short term loan & advance. However, the Tribunal observed that the books of accounts were incomplete at the time of the survey, and entries made by the junior accountant were not approved by management. - The tribunal accepted the argument that the company had deducted TDS on remuneration paid. - The ITAT held that since the appellant had already accounted for the disputed amount in their income tax return and paid tax on it, there would be double taxation if the amount was treated as deemed dividend.
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