https://www.taxtmi.com/caselaws?id=186533 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,12,44,952/- as deemed dividend u/s 2(22)(e) of the Income-tax Act, 1961. It ruled that the conditions for deemed dividend were not met as the assessee company was not a shareholder in M/s Arora Fabrics Pvt Ltd, and individual shareholders did not hold substantial interest in both companies. Consequently, the Tribunal dismissed the Revenue's appeal and the assessee's cross-objection as infructuous. en-us Wed, 24 Aug 2011 00:00:00 +0530 Wed, 21 Sep 2016 18:38:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186533 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,12,44,952/- as deemed dividend u/s 2(22)(e) of the Income-tax Act, 1961. It ruled that the conditions for deemed dividend were not met as the assessee company was not a shareholder in M/s Arora Fabrics Pvt Ltd, and individual shareholders did not hold substantial interest in both companies. Consequently, the Tribunal dismissed the Revenue's appeal and the assessee's cross-objection as infructuous. Case-Laws Income Tax Wed, 24 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186533