https://www.taxtmi.com/caselaws?id=246995 The Tribunal set aside the order confirming the assessment of deemed dividend under section 2(22)(e) of the Income Tax Act for the assessment year 2009-10. It held that the withdrawals made by the assessee, a director in a company, were related to share application money and not deemed dividend. The Tribunal found that the company's accounting error led to the incorrect treatment of withdrawals as income. Emphasizing the transactions' nature and intent, the Tribunal ruled in favor of the assessee, directing the assessing officer to delete the assessment under section 2(22)(e) of the Act. en-us Thu, 17 Apr 2014 00:00:00 +0530 Tue, 29 Apr 2014 06:47:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246995 The Tribunal set aside the order confirming the assessment of deemed dividend under section 2(22)(e) of the Income Tax Act for the assessment year 2009-10. It held that the withdrawals made by the assessee, a director in a company, were related to share application money and not deemed dividend. The Tribunal found that the company's accounting error led to the incorrect treatment of withdrawals as income. Emphasizing the transactions' nature and intent, the Tribunal ruled in favor of the assessee, directing the assessing officer to delete the assessment under section 2(22)(e) of the Act. Case-Laws Income Tax Thu, 17 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246995