Social forestry expenditure requires activity-based classification, limiting book-profit adjustments and preserving penalty relief where normal additi...
Inaccurate-particulars penalties fail where transfer-pricing documentation shows good faith and due diligence, and underlying capital-gains additions ...
Transfer-pricing tolerance for software sub-licensing falls within the services range, eliminating the adjustment and requiring TDS-credit verificatio...
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.
Note: It is a system-generated summary and is for quick reference only.