https://www.taxtmi.com/caselaws?id=291162 The ITAT set aside the orders of the CIT(A) and AO for the assessment years 2005-06, 2006-07, and 2007-08, remanding the case for further examination. The AO was instructed to reassess the deemed dividend under section 2(22)(e) and interest under sections 234B and 234C, ensuring thorough scrutiny of journal entries and accumulated profits. The Tribunal emphasized individual examination of payments rather than considering only the peak debit balance. The AO must provide the assessees with adequate opportunities to present their case, and the appeals were partly allowed with directions for re-computation. en-us Fri, 22 Jul 2016 00:00:00 +0530 Wed, 13 Nov 2024 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291162 The ITAT set aside the orders of the CIT(A) and AO for the assessment years 2005-06, 2006-07, and 2007-08, remanding the case for further examination. The AO was instructed to reassess the deemed dividend under section 2(22)(e) and interest under sections 234B and 234C, ensuring thorough scrutiny of journal entries and accumulated profits. The Tribunal emphasized individual examination of payments rather than considering only the peak debit balance. The AO must provide the assessees with adequate opportunities to present their case, and the appeals were partly allowed with directions for re-computation. Case-Laws Income Tax Fri, 22 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291162