Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
The ITAT allowed the assessee's appeal, holding that the addition as deemed dividend under s. 2(22)(e) was invalid both on jurisdictional and substantive grounds. The assessment was selected for limited scrutiny, and the AO neither obtained prior approval from the competent authority nor converted it into complete scrutiny before examining deemed dividend, rendering the addition ultra vires the limited scrutiny mandate. On merits, the Tribunal accepted the bank's clarification that the impugned credits and debits were merely erroneous/formal entries, never operated at the assessee's instance, nor representing any loan or advance by the company. Consequently, the deemed dividend addition was directed to be deleted.
The ITAT allowed the assessee's appeal, holding that the addition as deemed dividend under s. 2(22)(e) was invalid both on jurisdictional and substantive grounds. The assessment was selected for limited scrutiny, and the AO neither obtained prior approval from the competent authority nor converted it into complete scrutiny before examining deemed dividend, rendering the addition ultra vires the limited scrutiny mandate. On merits, the Tribunal accepted the bank's clarification that the impugned credits and debits were merely erroneous/formal entries, never operated at the assessee's instance, nor representing any loan or advance by the company. Consequently, the deemed dividend addition was directed to be deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
