https://www.taxtmi.com/caselaws?id=388893 The Court found the Writ Petition maintainable against the Settlement Commission's order, allowing interference if contrary to the Act. CBDT Circulars exempted commercial transactions from deemed dividend treatment. Deemed dividend was held not taxable in shareholders' hands due to Circulars. Dividend, including deemed, was exempt under Section 10(34). Section 2(22)(e) was inapplicable for years with multiple shareholders. Proceedings under Section 153A r/w. 153C were invalid without incriminating material. The Court quashed the Commission's order, allowing a refund of taxes paid and closed the case without costs. en-us Tue, 24 Sep 2019 00:00:00 +0530 Tue, 26 Nov 2019 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388893 The Court found the Writ Petition maintainable against the Settlement Commission's order, allowing interference if contrary to the Act. CBDT Circulars exempted commercial transactions from deemed dividend treatment. Deemed dividend was held not taxable in shareholders' hands due to Circulars. Dividend, including deemed, was exempt under Section 10(34). Section 2(22)(e) was inapplicable for years with multiple shareholders. Proceedings under Section 153A r/w. 153C were invalid without incriminating material. The Court quashed the Commission's order, allowing a refund of taxes paid and closed the case without costs. Case-Laws Income Tax Tue, 24 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388893