https://www.taxtmi.com/caselaws?id=370997 The case involved a dispute over whether income from the sale of shares should be deemed as dividend under Section 2(22)(d) of the Income Tax Act, 1961. The assessee argued for exemption under Section 10(34) despite the company not paying additional income tax under Section 115O. The High Court ruled in favor of the assessee, stating that deemed dividends covered by Section 2(22)(d) are exempt under Section 10(34) regardless of the company's tax payment status. The judgment emphasized adherence to statutory provisions in determining tax liability and upheld the assessee's exemption claim. en-us Mon, 19 Nov 2018 00:00:00 +0530 Tue, 27 Nov 2018 06:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370997 The case involved a dispute over whether income from the sale of shares should be deemed as dividend under Section 2(22)(d) of the Income Tax Act, 1961. The assessee argued for exemption under Section 10(34) despite the company not paying additional income tax under Section 115O. The High Court ruled in favor of the assessee, stating that deemed dividends covered by Section 2(22)(d) are exempt under Section 10(34) regardless of the company's tax payment status. The judgment emphasized adherence to statutory provisions in determining tax liability and upheld the assessee's exemption claim. Case-Laws Income Tax Mon, 19 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370997