Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
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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