https://www.taxtmi.com/caselaws?id=262733 The tribunal upheld the validity of the assessment reopening based on new information obtained during a survey, dismissing the preliminary issue raised by the assessee. However, the addition made under Section 2(22)(e) on account of deemed dividend was deleted as the transactions were deemed regular business dealings, not loans or advances, contrary to the CIT(A)'s conclusion. The appeal was partly allowed, recognizing the transactions as legitimate business dealings and not falling within the definition of deemed dividend. en-us Wed, 12 Aug 2015 00:00:00 +0530 Wed, 19 Aug 2015 07:47:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262733 The tribunal upheld the validity of the assessment reopening based on new information obtained during a survey, dismissing the preliminary issue raised by the assessee. However, the addition made under Section 2(22)(e) on account of deemed dividend was deleted as the transactions were deemed regular business dealings, not loans or advances, contrary to the CIT(A)'s conclusion. The appeal was partly allowed, recognizing the transactions as legitimate business dealings and not falling within the definition of deemed dividend. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262733