https://www.taxtmi.com/caselaws?id=186106 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete additions of deemed dividend under Section 2(22)(e) of the Income Tax Act for Assessment Year 2007-08. The Tribunal agreed that only shareholders, not the company, can be assessed for deemed dividend. It was held that different shareholders cannot be combined to meet the Section's requirements, and as none of the shareholders held substantial interest, the conditions of Section 2(22)(e) were not fulfilled. The High Court dismissed the revenue's appeal, finding no merit as the assessee did not meet the Section's requirements, and the cited judgments were unchallenged. en-us Thu, 19 Apr 2012 00:00:00 +0530 Wed, 07 Sep 2016 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186106 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to delete additions of deemed dividend under Section 2(22)(e) of the Income Tax Act for Assessment Year 2007-08. The Tribunal agreed that only shareholders, not the company, can be assessed for deemed dividend. It was held that different shareholders cannot be combined to meet the Section's requirements, and as none of the shareholders held substantial interest, the conditions of Section 2(22)(e) were not fulfilled. The High Court dismissed the revenue's appeal, finding no merit as the assessee did not meet the Section's requirements, and the cited judgments were unchallenged. Case-Laws Income Tax Thu, 19 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186106