https://www.taxtmi.com/caselaws?id=268883 The Tribunal upheld the CIT(A)'s decisions on both issues, confirming the deletion of additions made by the AO. The first issue involved the deletion of an addition based on low gross profit rate, with the Tribunal emphasizing the necessity for the AO to reject book results with specific defects before making estimations. The second issue pertained to the deletion of deemed dividend under Section 2(22)(e), where the Tribunal clarified that loans given for business advantages do not constitute deemed dividends. Both the revenue's appeal and the assessee's cross-objection were dismissed. en-us Thu, 05 Nov 2015 00:00:00 +0530 Fri, 04 Dec 2015 23:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268883 The Tribunal upheld the CIT(A)'s decisions on both issues, confirming the deletion of additions made by the AO. The first issue involved the deletion of an addition based on low gross profit rate, with the Tribunal emphasizing the necessity for the AO to reject book results with specific defects before making estimations. The second issue pertained to the deletion of deemed dividend under Section 2(22)(e), where the Tribunal clarified that loans given for business advantages do not constitute deemed dividends. Both the revenue's appeal and the assessee's cross-objection were dismissed. Case-Laws Income Tax Thu, 05 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268883