https://www.taxtmi.com/caselaws?id=446347 ITAT Raipur dismissed revenue's appeal on multiple grounds. The tribunal upheld CIT(A)'s deletion of construction expense provision addition, finding AO misread the provision date as FY 2013-14 instead of actual FY 2014-15. Regarding deemed dividend under section 2(22)(e), ITAT confirmed directors' advances constituted deemed dividend but ruled section 40(a)(ia) disallowance inapplicable for AY 2014-15 as amendment expanding scope to "any sum" became effective from AY 2015-16. The tribunal held commodity derivative transactions were business transactions, not speculative, being conducted through recognized stock exchange. Project completion method was approved as valid accounting method. Addition under section 68 was deleted as assessee provided required documentation and AO failed to pursue proper inquiries before making assumptions. en-us Tue, 28 Nov 2023 00:00:00 +0530 Thu, 30 Nov 2023 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446347 ITAT Raipur dismissed revenue's appeal on multiple grounds. The tribunal upheld CIT(A)'s deletion of construction expense provision addition, finding AO misread the provision date as FY 2013-14 instead of actual FY 2014-15. Regarding deemed dividend under section 2(22)(e), ITAT confirmed directors' advances constituted deemed dividend but ruled section 40(a)(ia) disallowance inapplicable for AY 2014-15 as amendment expanding scope to "any sum" became effective from AY 2015-16. The tribunal held commodity derivative transactions were business transactions, not speculative, being conducted through recognized stock exchange. Project completion method was approved as valid accounting method. Addition under section 68 was deleted as assessee provided required documentation and AO failed to pursue proper inquiries before making assumptions. Case-Laws Income Tax Tue, 28 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446347