https://www.taxtmi.com/caselaws?id=368407 The Court upheld the reopening of the assessment for the assessment year 1998-99 under Section 147 of the Income Tax Act, 1961, finding it justified based on new information received by the Assessing Officer. Additionally, the Court affirmed that the advances received constituted deemed dividend under Section 2(22)(e) for the assessment years 1998-99 and 1999-2000, rejecting the assessee's arguments regarding the nature of the transactions. The appeals were dismissed, and the Court ruled in favor of the Revenue on both issues. en-us Tue, 25 Sep 2018 00:00:00 +0530 Wed, 25 Sep 2019 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368407 The Court upheld the reopening of the assessment for the assessment year 1998-99 under Section 147 of the Income Tax Act, 1961, finding it justified based on new information received by the Assessing Officer. Additionally, the Court affirmed that the advances received constituted deemed dividend under Section 2(22)(e) for the assessment years 1998-99 and 1999-2000, rejecting the assessee's arguments regarding the nature of the transactions. The appeals were dismissed, and the Court ruled in favor of the Revenue on both issues. Case-Laws Income Tax Tue, 25 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368407