https://www.taxtmi.com/caselaws?id=330158 The ITAT partially allowed both appeals filed by the assessee concerning the assessment of deemed dividends under sec. 2(22)(e) for the assessment years 2008-09 and 2009-10. The ITAT directed the AO to exclude specific withdrawals from loan amount calculations and ruled that current year's proportionate profits should not be included in accumulated profits until the books of accounts are closed. The ITAT modified the orders of the Ld CIT(A) accordingly, ultimately ruling in favor of the assessee on key contentions. en-us Wed, 13 Jul 2016 00:00:00 +0530 Tue, 19 Jul 2016 13:04:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330158 The ITAT partially allowed both appeals filed by the assessee concerning the assessment of deemed dividends under sec. 2(22)(e) for the assessment years 2008-09 and 2009-10. The ITAT directed the AO to exclude specific withdrawals from loan amount calculations and ruled that current year's proportionate profits should not be included in accumulated profits until the books of accounts are closed. The ITAT modified the orders of the Ld CIT(A) accordingly, ultimately ruling in favor of the assessee on key contentions. Case-Laws Income Tax Wed, 13 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330158