https://www.taxtmi.com/caselaws?id=384462 The Tribunal upheld the CIT(A)'s decision to delete the additions made by the Assessing Officer. In the first issue regarding deemed dividend under section 2(22)(e) of the Income Tax Act, the Tribunal found that the provisions did not apply as the recipient was not a shareholder in the lending company and the loan was not gratuitous. In the second issue concerning the sale of unaccounted raw material goods, the Tribunal ruled that there was no evidence of production and sale of finished goods, and the addition by the AO was based on mere suspicion. The Tribunal dismissed both appeals filed by the Revenue. en-us Fri, 09 Aug 2019 00:00:00 +0530 Tue, 13 Aug 2019 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384462 The Tribunal upheld the CIT(A)'s decision to delete the additions made by the Assessing Officer. In the first issue regarding deemed dividend under section 2(22)(e) of the Income Tax Act, the Tribunal found that the provisions did not apply as the recipient was not a shareholder in the lending company and the loan was not gratuitous. In the second issue concerning the sale of unaccounted raw material goods, the Tribunal ruled that there was no evidence of production and sale of finished goods, and the addition by the AO was based on mere suspicion. The Tribunal dismissed both appeals filed by the Revenue. Case-Laws Income Tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384462