https://www.taxtmi.com/caselaws?id=765894 The ITAT Kolkata quashed the assessment order as the AO failed to consider the revised return filed by the assessee, making the original assessment invalid. The tribunal ruled in favor of the assessee on deemed dividend under section 2(22)(e), finding transactions were in ordinary course of business between current accounts. The deduction under section 80IA for steam generation unit was allowed, following SC precedent in Jindal Steel Power Ltd case. The AO was directed to verify electricity rates and allow appropriate deduction under section 80IA. en-us Thu, 06 Feb 2025 00:00:00 +0530 Wed, 12 Feb 2025 08:30:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765894 The ITAT Kolkata quashed the assessment order as the AO failed to consider the revised return filed by the assessee, making the original assessment invalid. The tribunal ruled in favor of the assessee on deemed dividend under section 2(22)(e), finding transactions were in ordinary course of business between current accounts. The deduction under section 80IA for steam generation unit was allowed, following SC precedent in Jindal Steel Power Ltd case. The AO was directed to verify electricity rates and allow appropriate deduction under section 80IA. Case-Laws Income Tax Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765894