https://www.taxtmi.com/caselaws?id=417784 The Tribunal upheld the deletion of Rs. 7,86,03,706/- as deemed dividend, considering it a business transaction. Additionally, the Tribunal confirmed that Rs. 2,66,65,600/- was not deemed dividend as it benefited the company's business. The issue of Rs. 30,12,910/- interest payment was remanded for verification on TDS deduction. The Tribunal dismissed the Revenue's challenge on the protective addition, as the substantive addition was maintained in the director's case. The Assessee's appeal in ITA No. 2522/PUN/2017 was allowed, while the Assessee's appeal in ITA No. 2526/PUN/2017 was dismissed. The Revenue's appeal in ITA No. 135/PUN/2018 was dismissed, and in ITA No. 152/PUN/2018 was allowed for statistical purposes. en-us Tue, 25 Jan 2022 00:00:00 +0530 Mon, 31 Jan 2022 23:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417784 The Tribunal upheld the deletion of Rs. 7,86,03,706/- as deemed dividend, considering it a business transaction. Additionally, the Tribunal confirmed that Rs. 2,66,65,600/- was not deemed dividend as it benefited the company's business. The issue of Rs. 30,12,910/- interest payment was remanded for verification on TDS deduction. The Tribunal dismissed the Revenue's challenge on the protective addition, as the substantive addition was maintained in the director's case. The Assessee's appeal in ITA No. 2522/PUN/2017 was allowed, while the Assessee's appeal in ITA No. 2526/PUN/2017 was dismissed. The Revenue's appeal in ITA No. 135/PUN/2018 was dismissed, and in ITA No. 152/PUN/2018 was allowed for statistical purposes. Case-Laws Income Tax Tue, 25 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417784