https://www.taxtmi.com/caselaws?id=438246 The Revenue successfully appealed against the CIT(A)'s reversal of assessment findings on deemed dividend addition under sec.2(22)(e) of the Income Tax Act, 1961 for the assessment year 2010-2011. The Tribunal found that the impugned sum represented intercorporate deposits, not loans/advances, and lacked evidence and documentation to prove otherwise. The Tribunal emphasized the distinction between deposits and loans, ruling in favor of the Revenue's appeal and directing the Assessing Officer to verify the correct computation of the deemed dividend addition. Additionally, a cross objection filed by the assessee in the assessment year 2011-12 was allowed for verification of the correct amount of the addition. en-us Tue, 23 May 2023 00:00:00 +0530 Thu, 25 May 2023 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438246 The Revenue successfully appealed against the CIT(A)'s reversal of assessment findings on deemed dividend addition under sec.2(22)(e) of the Income Tax Act, 1961 for the assessment year 2010-2011. The Tribunal found that the impugned sum represented intercorporate deposits, not loans/advances, and lacked evidence and documentation to prove otherwise. The Tribunal emphasized the distinction between deposits and loans, ruling in favor of the Revenue's appeal and directing the Assessing Officer to verify the correct computation of the deemed dividend addition. Additionally, a cross objection filed by the assessee in the assessment year 2011-12 was allowed for verification of the correct amount of the addition. Case-Laws Income Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438246