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ITAT adjudicated a tax dispute involving unaccounted cash receipts and deemed dividend. The tribunal directed the Assessing Officer to allow 60% of expenditure against unaccounted cash receipts from sale of spent solvents/scrap, sustaining 40% addition. Following precedent in MSN Pharmachem Private Limited's case, the tribunal deleted the addition under Section 2(22)(e) of the Income Tax Act related to deemed dividend, thereby dismissing the Revenue's appeal and providing partial relief to the assessee.
ITAT adjudicated a tax dispute involving unaccounted cash receipts and deemed dividend. The tribunal directed the Assessing Officer to allow 60% of expenditure against unaccounted cash receipts from sale of spent solvents/scrap, sustaining 40% addition. Following precedent in MSN Pharmachem Private Limited's case, the tribunal deleted the addition under Section 2(22)(e) of the Income Tax Act related to deemed dividend, thereby dismissing the Revenue's appeal and providing partial relief to the assessee.
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