https://www.taxtmi.com/caselaws?id=341902 The appeal related to the addition of deemed dividend under section 2(22)(e) of the Act was dismissed as the Tribunal found that the amounts received by the Managing Director were not supported by a Board Resolution, upholding the addition. However, the appeal concerning the penalty on disallowance of deemed dividend was allowed, with the Tribunal determining that the penalty under section 271(1)(c) was unwarranted as the assessee had provided all details in the return. The judgment was pronounced on 12th April 2017 in Chennai. en-us Wed, 12 Apr 2017 00:00:00 +0530 Thu, 20 Apr 2017 12:57:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341902 The appeal related to the addition of deemed dividend under section 2(22)(e) of the Act was dismissed as the Tribunal found that the amounts received by the Managing Director were not supported by a Board Resolution, upholding the addition. However, the appeal concerning the penalty on disallowance of deemed dividend was allowed, with the Tribunal determining that the penalty under section 271(1)(c) was unwarranted as the assessee had provided all details in the return. The judgment was pronounced on 12th April 2017 in Chennai. Case-Laws Income Tax Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341902