https://www.taxtmi.com/caselaws?id=296188 The ITAT upheld the CIT(A)'s decisions in a tax case. The ITAT confirmed the deletion of the addition of deemed dividend under Section 2(22)(e) as the assessee was not a shareholder in the lending companies. Additionally, the ITAT upheld the deletion of the addition under Section 40A(2)(b) as the interest rates paid were deemed reasonable. The ITAT also affirmed the treatment of late PF and ESIC payments as income under Section 2(24)(x) read with Section 36(1)(va). The department's appeal was dismissed, and the assessee's cross-objection was also dismissed. en-us Fri, 15 Sep 2017 00:00:00 +0530 Fri, 09 Jul 2021 09:32:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296188 The ITAT upheld the CIT(A)'s decisions in a tax case. The ITAT confirmed the deletion of the addition of deemed dividend under Section 2(22)(e) as the assessee was not a shareholder in the lending companies. Additionally, the ITAT upheld the deletion of the addition under Section 40A(2)(b) as the interest rates paid were deemed reasonable. The ITAT also affirmed the treatment of late PF and ESIC payments as income under Section 2(24)(x) read with Section 36(1)(va). The department's appeal was dismissed, and the assessee's cross-objection was also dismissed. Case-Laws Income Tax Fri, 15 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296188