https://www.taxtmi.com/caselaws?id=263718 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 70,57,941 as deemed dividend in the hands of the assessee company, as the company was not a shareholder in the lending company. The Tribunal also found that the CIT(A) exceeded jurisdiction by directing the addition of deemed dividend in the hands of a shareholder without giving him an opportunity to be heard. Consequently, the Tribunal vacated the directions to add the deemed dividend in the shareholder's hands and dismissed the AO's appeal while allowing the assessee's cross-objection. en-us Mon, 31 Aug 2015 00:00:00 +0530 Wed, 09 Sep 2015 08:46:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263718 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 70,57,941 as deemed dividend in the hands of the assessee company, as the company was not a shareholder in the lending company. The Tribunal also found that the CIT(A) exceeded jurisdiction by directing the addition of deemed dividend in the hands of a shareholder without giving him an opportunity to be heard. Consequently, the Tribunal vacated the directions to add the deemed dividend in the shareholder's hands and dismissed the AO's appeal while allowing the assessee's cross-objection. Case-Laws Income Tax Mon, 31 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263718