https://www.taxtmi.com/caselaws?id=403480 The Tribunal set aside the CIT's order and reinstated the assessment order, finding that the CIT wrongly assumed jurisdiction under Section 263 of the Income Tax Act. The Tribunal held that the assessment order was not erroneous or prejudicial to the Revenue as the Assessing Officer had considered the relevant issues adequately. The Tribunal also ruled that the deemed dividend provisions did not apply to the transaction in question, as the lending company was a publicly listed entity. Consequently, the appellant's appeal was successful, and the original assessment order dated 05.11.2009 was upheld. en-us Mon, 25 Jan 2021 00:00:00 +0530 Wed, 08 Feb 2023 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403480 The Tribunal set aside the CIT's order and reinstated the assessment order, finding that the CIT wrongly assumed jurisdiction under Section 263 of the Income Tax Act. The Tribunal held that the assessment order was not erroneous or prejudicial to the Revenue as the Assessing Officer had considered the relevant issues adequately. The Tribunal also ruled that the deemed dividend provisions did not apply to the transaction in question, as the lending company was a publicly listed entity. Consequently, the appellant's appeal was successful, and the original assessment order dated 05.11.2009 was upheld. Case-Laws Income Tax Mon, 25 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403480