https://www.taxtmi.com/caselaws?id=377268 The Tribunal upheld the CIT(A)'s findings that the transactions in the client ledger accounts were related to business activities, not loans or advances, rejecting the Revenue's argument for deemed dividend taxation. The recasting of ledger accounts by the AO was deemed incorrect as it did not reflect the true nature of business transactions. The additions made on account of deemed dividend were deleted for both assessment years, with the Tribunal dismissing the Revenue's appeals. The decision was rendered on 17th December 2018. en-us Mon, 17 Dec 2018 00:00:00 +0530 Wed, 27 Mar 2019 06:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377268 The Tribunal upheld the CIT(A)'s findings that the transactions in the client ledger accounts were related to business activities, not loans or advances, rejecting the Revenue's argument for deemed dividend taxation. The recasting of ledger accounts by the AO was deemed incorrect as it did not reflect the true nature of business transactions. The additions made on account of deemed dividend were deleted for both assessment years, with the Tribunal dismissing the Revenue's appeals. The decision was rendered on 17th December 2018. Case-Laws Income Tax Mon, 17 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377268