https://www.taxtmi.com/caselaws?id=393322 The Tribunal ruled in favor of the assessee, holding that the preference share application money could not be treated as deemed dividend under section 2(22)(e) as the assessee was neither a registered nor a beneficial shareholder of the lending company. The addition of Rs. 90 crores as deemed dividend was deleted. Additionally, the Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transaction, leading to the deletion of the addition under section 68. The disallowance under section 14A was limited to the amount of exempt income earned, resulting in the Revenue's appeal being dismissed. en-us Wed, 29 Jan 2020 00:00:00 +0530 Thu, 12 Mar 2020 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393322 The Tribunal ruled in favor of the assessee, holding that the preference share application money could not be treated as deemed dividend under section 2(22)(e) as the assessee was neither a registered nor a beneficial shareholder of the lending company. The addition of Rs. 90 crores as deemed dividend was deleted. Additionally, the Tribunal found that the assessee had sufficiently proven the identity, creditworthiness, and genuineness of the transaction, leading to the deletion of the addition under section 68. The disallowance under section 14A was limited to the amount of exempt income earned, resulting in the Revenue's appeal being dismissed. Case-Laws Income Tax Wed, 29 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393322