https://www.taxtmi.com/caselaws?id=188873 The Tribunal confirmed the disallowance of interest on outstanding loans as the assessees failed to prove the borrowed amount was used for earning income. Regarding the addition of deemed dividend, the Tribunal remitted the matter back to the Assessing Officer for recalculating accumulated profit on the payment date. Additionally, the Tribunal directed a reevaluation by the Assessing Officer on the addition under sec. 68 due to insufficient details provided by the assessee. The appeals were partly allowed for statistical purposes, with the issues of deemed dividend and addition under sec. 68 being remitted for further examination. en-us Fri, 08 Jan 2010 00:00:00 +0530 Mon, 19 Dec 2016 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188873 The Tribunal confirmed the disallowance of interest on outstanding loans as the assessees failed to prove the borrowed amount was used for earning income. Regarding the addition of deemed dividend, the Tribunal remitted the matter back to the Assessing Officer for recalculating accumulated profit on the payment date. Additionally, the Tribunal directed a reevaluation by the Assessing Officer on the addition under sec. 68 due to insufficient details provided by the assessee. The appeals were partly allowed for statistical purposes, with the issues of deemed dividend and addition under sec. 68 being remitted for further examination. Case-Laws Income Tax Fri, 08 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188873