https://www.taxtmi.com/caselaws?id=297699 The Appellate Tribunal ITAT Kolkata allowed the appeals of the assessees in a case concerning deemed dividend additions under section 2(22)(e) for the assessment year 2015-16. The Tribunal held that the lands purchased in the directors' names were company assets, not personal holdings, and that the directors had no rights in the land as per the company's resolution. Rejecting the Revenue's argument, the Tribunal directed the Assessing Officer to delete the deemed dividend additions, emphasizing that the land purchase did not constitute a "payment." The order was issued on January 31, 2020. en-us Fri, 31 Jan 2020 00:00:00 +0530 Fri, 05 Aug 2022 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297699 The Appellate Tribunal ITAT Kolkata allowed the appeals of the assessees in a case concerning deemed dividend additions under section 2(22)(e) for the assessment year 2015-16. The Tribunal held that the lands purchased in the directors' names were company assets, not personal holdings, and that the directors had no rights in the land as per the company's resolution. Rejecting the Revenue's argument, the Tribunal directed the Assessing Officer to delete the deemed dividend additions, emphasizing that the land purchase did not constitute a "payment." The order was issued on January 31, 2020. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297699