https://www.taxtmi.com/caselaws?id=368948 The ITAT upheld the CIT(A)'s decision to delete the addition of deemed dividend under Section 2(22)(e) of the Income Tax Act. The ITAT found that the outstanding liability of the assessee to the company did not fall within the purview of deemed dividend as there were commercial transactions and business relationships between the parties. The ITAT cited relevant case laws and a CBDT circular to support its decision. Additionally, the appeal of the Revenue regarding the disallowance of sales promotion expenses was dismissed, affirming the CIT(A)'s order. en-us Tue, 12 Jun 2018 00:00:00 +0530 Wed, 17 Oct 2018 07:43:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368948 The ITAT upheld the CIT(A)'s decision to delete the addition of deemed dividend under Section 2(22)(e) of the Income Tax Act. The ITAT found that the outstanding liability of the assessee to the company did not fall within the purview of deemed dividend as there were commercial transactions and business relationships between the parties. The ITAT cited relevant case laws and a CBDT circular to support its decision. Additionally, the appeal of the Revenue regarding the disallowance of sales promotion expenses was dismissed, affirming the CIT(A)'s order. Case-Laws Income Tax Tue, 12 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368948