https://www.taxtmi.com/caselaws?id=204839 The High Court held that the Tribunal erred in deleting additions treated as deemed dividends under Section 2(22)(e) of the Income Tax Act. The Court found the Tribunal's conclusions to be against the facts recorded by the Assessing Officer and Commissioner of Income Tax (Appeals), noting certain transactions as sham. The Court emphasized the lack of evidence supporting business advances and highlighted discrepancies in property transactions. Consequently, the Court ruled in favor of the Revenue, setting aside the Tribunal's decision and allowing the Revenue's appeal. en-us Wed, 11 May 2011 00:00:00 +0530 Sat, 06 Aug 2011 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204839 The High Court held that the Tribunal erred in deleting additions treated as deemed dividends under Section 2(22)(e) of the Income Tax Act. The Court found the Tribunal's conclusions to be against the facts recorded by the Assessing Officer and Commissioner of Income Tax (Appeals), noting certain transactions as sham. The Court emphasized the lack of evidence supporting business advances and highlighted discrepancies in property transactions. Consequently, the Court ruled in favor of the Revenue, setting aside the Tribunal's decision and allowing the Revenue's appeal. Case-Laws Income Tax Wed, 11 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204839