https://www.taxtmi.com/caselaws?id=226168 The High Court dismissed the Department's appeal under Section 260-A of the Income Tax Act, 1961, regarding deemed dividend additions for the assessment year 1989-90. The Court upheld the Tribunal's decision granting full relief to the assessee, emphasizing the significance of accumulated profits in determining deemed dividend and allowing deductions for certain liabilities like excise duty. The judgment favored the assessee, sustaining the Tribunal's order and aligning with the commercial sense of accumulated profits. en-us Wed, 17 Apr 2013 00:00:00 +0530 Fri, 19 Apr 2013 20:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=226168 The High Court dismissed the Department's appeal under Section 260-A of the Income Tax Act, 1961, regarding deemed dividend additions for the assessment year 1989-90. The Court upheld the Tribunal's decision granting full relief to the assessee, emphasizing the significance of accumulated profits in determining deemed dividend and allowing deductions for certain liabilities like excise duty. The judgment favored the assessee, sustaining the Tribunal's order and aligning with the commercial sense of accumulated profits. Case-Laws Income Tax Wed, 17 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=226168