https://www.taxtmi.com/caselaws?id=198058 The Tribunal upheld the CIT(A)'s decision to delete the addition of deemed dividend u/s 2(22)(e) in the hands of the firm for assessment years 2007-08 and 2008-09. The funds received by the partnership firm from a company where the partners were also shareholders were deemed dividend. However, as the partners were the beneficial shareholders and the funds were for their benefit, the Tribunal ruled that the deemed dividend should be assessed in the hands of the partners, not the firm. Consequently, the revenue's appeals were dismissed. en-us Fri, 30 Aug 2013 00:00:00 +0530 Mon, 22 Jan 2018 12:53:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198058 The Tribunal upheld the CIT(A)'s decision to delete the addition of deemed dividend u/s 2(22)(e) in the hands of the firm for assessment years 2007-08 and 2008-09. The funds received by the partnership firm from a company where the partners were also shareholders were deemed dividend. However, as the partners were the beneficial shareholders and the funds were for their benefit, the Tribunal ruled that the deemed dividend should be assessed in the hands of the partners, not the firm. Consequently, the revenue's appeals were dismissed. Case-Laws Income Tax Fri, 30 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198058