https://www.taxtmi.com/caselaws?id=403182 The tribunal dismissed the revenue's appeal and partially allowed the assessee's appeal, upholding the CIT(A)'s decisions on all issues. The revised return of income excluding Rs. 16.87 crores was accepted, emphasizing taxing 'real income'. Foreign travel expenses were partly disallowed due to lack of evidence of business purpose. The treatment of deemed dividend under section 2(22)(e) was reversed, taxing it in the hands of the common shareholder. No disallowance under section 14A was warranted without exempt income. en-us Mon, 04 Jan 2021 00:00:00 +0530 Thu, 21 Jan 2021 09:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403182 The tribunal dismissed the revenue's appeal and partially allowed the assessee's appeal, upholding the CIT(A)'s decisions on all issues. The revised return of income excluding Rs. 16.87 crores was accepted, emphasizing taxing 'real income'. Foreign travel expenses were partly disallowed due to lack of evidence of business purpose. The treatment of deemed dividend under section 2(22)(e) was reversed, taxing it in the hands of the common shareholder. No disallowance under section 14A was warranted without exempt income. Case-Laws Income Tax Mon, 04 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403182