https://www.taxtmi.com/caselaws?id=343974 The Tribunal ordered the deletion of the addition made under section 2(22)(e) of the Income-tax Act by the Assessing Officer and enhanced by the CIT (A) as the amount received by the assessee was considered an advance for supplies made during the year, not a deemed dividend. The Tribunal set aside the addition made by the CIT (A) for lack of clarification from the assessee on the transactions, emphasizing the importance of due process. Regarding the penalty under section 271(1)(c) of the Act, the Tribunal directed the CIT (A) to decide on the penalty after adjudication on the remaining addition, highlighting the necessity for accurate assessments before imposing penalties. en-us Fri, 02 Jun 2017 00:00:00 +0530 Tue, 06 Jun 2017 07:20:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343974 The Tribunal ordered the deletion of the addition made under section 2(22)(e) of the Income-tax Act by the Assessing Officer and enhanced by the CIT (A) as the amount received by the assessee was considered an advance for supplies made during the year, not a deemed dividend. The Tribunal set aside the addition made by the CIT (A) for lack of clarification from the assessee on the transactions, emphasizing the importance of due process. Regarding the penalty under section 271(1)(c) of the Act, the Tribunal directed the CIT (A) to decide on the penalty after adjudication on the remaining addition, highlighting the necessity for accurate assessments before imposing penalties. Case-Laws Income Tax Fri, 02 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343974