https://www.taxtmi.com/caselaws?id=411316 The Tribunal allowed the appeals of the assessees, concluding that the assessment framed under section 143(3) read with section 153A was invalid due to the absence of incriminating material. The advances made by M/s. Wind World India Ltd. to related entities were considered commercial transactions and not deemed dividends. Statements recorded under section 132(4) during the search were deemed not incriminating material. The transactions between related entities were found to be out of commercial considerations and not subject to section 2(22)(e). The Tribunal directed the AO to delete the additions made based on these findings. en-us Thu, 22 Jul 2021 00:00:00 +0530 Mon, 08 Aug 2022 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411316 The Tribunal allowed the appeals of the assessees, concluding that the assessment framed under section 143(3) read with section 153A was invalid due to the absence of incriminating material. The advances made by M/s. Wind World India Ltd. to related entities were considered commercial transactions and not deemed dividends. Statements recorded under section 132(4) during the search were deemed not incriminating material. The transactions between related entities were found to be out of commercial considerations and not subject to section 2(22)(e). The Tribunal directed the AO to delete the additions made based on these findings. Case-Laws Income Tax Thu, 22 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411316