https://www.taxtmi.com/caselaws?id=178161 The HC dismissed the tax case appeals, affirming the Tribunal's decisions. On the first issue, the Tribunal upheld treating only Rs. 10 lakhs as undisclosed income, rejecting the Revenue's claim for Rs. 15 lakhs. On the second issue, the Tribunal ruled that amounts received and returned by the assessee were not deemed dividends, as they were part of a business transaction. Additionally, the appeals were deemed non-maintainable due to a recent circular setting monetary limits, with the tax effect in each case being less than Rs. 4 lakhs. The HC's decision was based on both merit and jurisdiction grounds. en-us Tue, 12 Aug 2008 00:00:00 +0530 Thu, 19 Dec 2024 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178161 The HC dismissed the tax case appeals, affirming the Tribunal's decisions. On the first issue, the Tribunal upheld treating only Rs. 10 lakhs as undisclosed income, rejecting the Revenue's claim for Rs. 15 lakhs. On the second issue, the Tribunal ruled that amounts received and returned by the assessee were not deemed dividends, as they were part of a business transaction. Additionally, the appeals were deemed non-maintainable due to a recent circular setting monetary limits, with the tax effect in each case being less than Rs. 4 lakhs. The HC's decision was based on both merit and jurisdiction grounds. Case-Laws Income Tax Tue, 12 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178161