https://www.taxtmi.com/caselaws?id=444752 The Appellate Tribunal ruled in favor of the assessees, allowing their appeals and setting aside the additions made under section 2(22)(e) of the Income Tax Act. The Tribunal agreed that the directions issued by the CIT(A) were invalid as they were made without providing the assessees an opportunity to be heard, violating Explanation 3 of Section 153. The Tribunal emphasized that such additions could only be made in the hands of registered shareholders unless proper legal procedures are followed for others, citing a precedent from the Bombay HC. en-us Thu, 19 Oct 2023 00:00:00 +0530 Sat, 21 Oct 2023 07:02:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444752 The Appellate Tribunal ruled in favor of the assessees, allowing their appeals and setting aside the additions made under section 2(22)(e) of the Income Tax Act. The Tribunal agreed that the directions issued by the CIT(A) were invalid as they were made without providing the assessees an opportunity to be heard, violating Explanation 3 of Section 153. The Tribunal emphasized that such additions could only be made in the hands of registered shareholders unless proper legal procedures are followed for others, citing a precedent from the Bombay HC. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444752