https://www.taxtmi.com/caselaws?id=177145 The ITAT ruled in favor of the assessee, holding that the deemed dividend under Section 2(22)(e) should be assessed only in the hands of the shareholders of the lending company, deleting the addition in the assessee's hands. Additionally, the ITAT upheld the deletion of the addition under Section 41(1) for cessation of liabilities, emphasizing that recognizing a liability renders it enforceable. The ITAT dismissed the Revenue's appeal for the relevant assessment year and partially allowed the assessee's appeal, with similar outcomes in the subsequent assessment year. en-us Wed, 22 Apr 2015 00:00:00 +0530 Sat, 30 Jan 2016 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177145 The ITAT ruled in favor of the assessee, holding that the deemed dividend under Section 2(22)(e) should be assessed only in the hands of the shareholders of the lending company, deleting the addition in the assessee's hands. Additionally, the ITAT upheld the deletion of the addition under Section 41(1) for cessation of liabilities, emphasizing that recognizing a liability renders it enforceable. The ITAT dismissed the Revenue's appeal for the relevant assessment year and partially allowed the assessee's appeal, with similar outcomes in the subsequent assessment year. Case-Laws Income Tax Wed, 22 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177145