https://www.taxtmi.com/caselaws?id=407751 The Tribunal ruled in favor of the assessee by condoning the delay in filing the appeal and proceeding to dispose of the appeal on merit. Regarding the addition of deemed dividend, the Tribunal held that the loan taken by the assessee from a company in which they were a shareholder could not be treated as deemed dividend, leading to the deletion of the addition. The matter of disallowance of interest on housing loan was referred back for verification, and the disallowance of depreciation and maintenance expenses was partially allowed by restricting the disallowances. en-us Fri, 23 Apr 2021 00:00:00 +0530 Thu, 20 May 2021 14:56:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407751 The Tribunal ruled in favor of the assessee by condoning the delay in filing the appeal and proceeding to dispose of the appeal on merit. Regarding the addition of deemed dividend, the Tribunal held that the loan taken by the assessee from a company in which they were a shareholder could not be treated as deemed dividend, leading to the deletion of the addition. The matter of disallowance of interest on housing loan was referred back for verification, and the disallowance of depreciation and maintenance expenses was partially allowed by restricting the disallowances. Case-Laws Income Tax Fri, 23 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407751