https://www.taxtmi.com/caselaws?id=396606 The Tribunal dismissed the revenue's appeal and deemed the cross-objections by the assessee as infructuous. It upheld the CIT(A)'s decision that the amounts received by the assessee company from M/s Vrisa Creations Pvt. Ltd. and M/s Sesha-Sai Infraprojects Pvt. Ltd. could not be taxed as deemed dividends under Section 2(22)(e) of the Income Tax Act, 1961, since the assessee was not a shareholder in the lending companies. The Tribunal also justified the procedural delay in pronouncing the order beyond the 90-day period due to the COVID-19 lockdown, aligning with extended limitation periods by higher courts. en-us Tue, 09 Jun 2020 00:00:00 +0530 Fri, 08 Nov 2024 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396606 The Tribunal dismissed the revenue's appeal and deemed the cross-objections by the assessee as infructuous. It upheld the CIT(A)'s decision that the amounts received by the assessee company from M/s Vrisa Creations Pvt. Ltd. and M/s Sesha-Sai Infraprojects Pvt. Ltd. could not be taxed as deemed dividends under Section 2(22)(e) of the Income Tax Act, 1961, since the assessee was not a shareholder in the lending companies. The Tribunal also justified the procedural delay in pronouncing the order beyond the 90-day period due to the COVID-19 lockdown, aligning with extended limitation periods by higher courts. Case-Laws Income Tax Tue, 09 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396606