https://www.taxtmi.com/caselaws?id=438773 The Tribunal upheld the CIT(A)'s decisions to delete additions made under sections 68 and 2(22)(e) of the Income Tax Act, as well as for labor and transportation charges and short-term capital gains. The Tribunal found that the assessee provided sufficient evidence and that the AO failed to conduct further inquiries. The Tribunal also noted that deemed dividends are taxable only in the hands of shareholders and that the AO did not find discrepancies in the transaction details. Both the Revenue's appeal and the assessee's cross-objections were dismissed. en-us Mon, 05 Jun 2023 00:00:00 +0530 Thu, 08 Jun 2023 09:09:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438773 The Tribunal upheld the CIT(A)'s decisions to delete additions made under sections 68 and 2(22)(e) of the Income Tax Act, as well as for labor and transportation charges and short-term capital gains. The Tribunal found that the assessee provided sufficient evidence and that the AO failed to conduct further inquiries. The Tribunal also noted that deemed dividends are taxable only in the hands of shareholders and that the AO did not find discrepancies in the transaction details. Both the Revenue's appeal and the assessee's cross-objections were dismissed. Case-Laws Income Tax Mon, 05 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438773