Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
ITAT adjudicated a tax dispute involving loan disbursement and potential deemed dividend under Section 2(22)(e). The tribunal found that the loan was sanctioned jointly with co-applicants and disbursed to a company, which subsequently transferred funds to the assessee. Critically, the tribunal determined the transaction did not constitute a deemed dividend because the funds originated from a bank loan, not accumulated profits. The addition made based on Internal Audit Party observations was deemed unsustainable, as no incriminating material was discovered during search proceedings. Consequently, the tribunal allowed the assessee's appeal, effectively quashing the tax assessment and rejecting the proposed addition under the specified provision.
ITAT adjudicated a tax dispute involving loan disbursement and potential deemed dividend under Section 2(22)(e). The tribunal found that the loan was sanctioned jointly with co-applicants and disbursed to a company, which subsequently transferred funds to the assessee. Critically, the tribunal determined the transaction did not constitute a deemed dividend because the funds originated from a bank loan, not accumulated profits. The addition made based on Internal Audit Party observations was deemed unsustainable, as no incriminating material was discovered during search proceedings. Consequently, the tribunal allowed the assessee's appeal, effectively quashing the tax assessment and rejecting the proposed addition under the specified provision.
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