https://www.taxtmi.com/caselaws?id=759267 ITAT Amritsar upheld CIT(A)'s decision quashing reopening of assessment u/s 147 and deletion of deemed dividend additions u/s 2(22)(e). The tribunal held that Rs. 3 crores paid as security and Rs. 86,01,836 as advance rent by company to assessee were commercial transactions falling outside deemed dividend provisions. Following Karnataka HC precedent in Smt. Jamuna Vernekar case, the tribunal ruled that advances given for beneficial consideration to the company constitute commercial transactions, not deemed dividends. Revenue's appeal was dismissed and assessee's cross-objection was allowed. en-us Wed, 28 Aug 2024 00:00:00 +0530 Thu, 26 Sep 2024 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759267 ITAT Amritsar upheld CIT(A)'s decision quashing reopening of assessment u/s 147 and deletion of deemed dividend additions u/s 2(22)(e). The tribunal held that Rs. 3 crores paid as security and Rs. 86,01,836 as advance rent by company to assessee were commercial transactions falling outside deemed dividend provisions. Following Karnataka HC precedent in Smt. Jamuna Vernekar case, the tribunal ruled that advances given for beneficial consideration to the company constitute commercial transactions, not deemed dividends. Revenue's appeal was dismissed and assessee's cross-objection was allowed. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759267