https://www.taxtmi.com/caselaws?id=279110 The Tribunal dismissed the grounds assailing the jurisdiction of the Assessing Officer due to delayed objections. The reopening of assessments was deemed valid as the reasons were communicated and addressed by the Assessing Officer. The Tribunal ruled that the assessee did not qualify as a beneficial shareholder for deemed dividend under Section 2(22)(e) due to share transfers to minors. The CIT's order under Section 263 was upheld for errors in assessing agricultural and notional income but quashed regarding investment in ITCOT Ltd. Appeals of the Revenue were dismissed, while cross-objections of the assessees were also dismissed. The order was pronounced on 29th July 2011. en-us Fri, 29 Jul 2011 00:00:00 +0530 Mon, 04 Mar 2019 18:37:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279110 The Tribunal dismissed the grounds assailing the jurisdiction of the Assessing Officer due to delayed objections. The reopening of assessments was deemed valid as the reasons were communicated and addressed by the Assessing Officer. The Tribunal ruled that the assessee did not qualify as a beneficial shareholder for deemed dividend under Section 2(22)(e) due to share transfers to minors. The CIT's order under Section 263 was upheld for errors in assessing agricultural and notional income but quashed regarding investment in ITCOT Ltd. Appeals of the Revenue were dismissed, while cross-objections of the assessees were also dismissed. The order was pronounced on 29th July 2011. Case-Laws Income Tax Fri, 29 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279110