https://www.taxtmi.com/caselaws?id=761513 ITAT Hyderabad allowed partial relief to assessee regarding unaccounted cash receipts from spent solvents/scrap sale, permitting 60% deduction for handling and disposal expenditure despite lack of direct evidence, considering the hazardous nature requiring transportation and packing costs. The tribunal completely deleted deemed dividend additions under Section 2(22)(e) and consequent dividend distribution tax under Section 115Q, ruling that payments between group companies constituted trade advances and current adjustment account transactions rather than loans/advances, as funds moved both ways based on business requirements and were used for legitimate business purposes, not diverted to shareholders. en-us Fri, 08 Nov 2024 00:00:00 +0530 Mon, 11 Nov 2024 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761513 ITAT Hyderabad allowed partial relief to assessee regarding unaccounted cash receipts from spent solvents/scrap sale, permitting 60% deduction for handling and disposal expenditure despite lack of direct evidence, considering the hazardous nature requiring transportation and packing costs. The tribunal completely deleted deemed dividend additions under Section 2(22)(e) and consequent dividend distribution tax under Section 115Q, ruling that payments between group companies constituted trade advances and current adjustment account transactions rather than loans/advances, as funds moved both ways based on business requirements and were used for legitimate business purposes, not diverted to shareholders. Case-Laws Income Tax Fri, 08 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761513