https://www.taxtmi.com/caselaws?id=760966 ITAT Ahmedabad allowed the assessee's appeal regarding deemed dividend under Section 2(22)(e). The assessee, a director holding 49.71% shares in a company, received advances that AO treated as deemed dividend from accumulated profits. The assessee contended throughout proceedings that these were mere journal entries without actual cash receipt. Both AO and CIT(A) failed to adequately examine or verify this explanation despite it being consistently raised. Since revenue authorities did not consider the fundamental contention that no actual sum was received, only journal entries were passed, the CIT(A)'s order was set aside for lack of proper examination of this crucial aspect. en-us Wed, 23 Oct 2024 00:00:00 +0530 Wed, 30 Oct 2024 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760966 ITAT Ahmedabad allowed the assessee's appeal regarding deemed dividend under Section 2(22)(e). The assessee, a director holding 49.71% shares in a company, received advances that AO treated as deemed dividend from accumulated profits. The assessee contended throughout proceedings that these were mere journal entries without actual cash receipt. Both AO and CIT(A) failed to adequately examine or verify this explanation despite it being consistently raised. Since revenue authorities did not consider the fundamental contention that no actual sum was received, only journal entries were passed, the CIT(A)'s order was set aside for lack of proper examination of this crucial aspect. Case-Laws Income Tax Wed, 23 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760966