https://www.taxtmi.com/caselaws?id=260209 The High Court upheld the ITAT and CIT(A)'s decisions to delete the addition made by the A.O under Section 2(22)(e) of the Income Tax Act. The court found that the share transfer forms were submitted in 2007, reducing the assessee's shareholding below the deemed dividend threshold. It was determined that the A.O's addition was based on erroneous assumptions, and the revised annual returns were legitimate. The court emphasized the A.O's failure to comply with statutory provisions and provide the assessee with an opportunity to rebut evidence. Ultimately, the court concluded that the decisions of the CIT(A) and ITAT were well-founded and dismissed the revenue's appeal. en-us Mon, 03 Nov 2014 00:00:00 +0530 Thu, 04 Jun 2015 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260209 The High Court upheld the ITAT and CIT(A)'s decisions to delete the addition made by the A.O under Section 2(22)(e) of the Income Tax Act. The court found that the share transfer forms were submitted in 2007, reducing the assessee's shareholding below the deemed dividend threshold. It was determined that the A.O's addition was based on erroneous assumptions, and the revised annual returns were legitimate. The court emphasized the A.O's failure to comply with statutory provisions and provide the assessee with an opportunity to rebut evidence. Ultimately, the court concluded that the decisions of the CIT(A) and ITAT were well-founded and dismissed the revenue's appeal. Case-Laws Income Tax Mon, 03 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260209