2026 (1) TMI 451

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....order passed under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2013-14. 2. Brief facts of the case is that the assessee is an individual employed with M/s. SPC Life Sciences Pvt. Ltd. as Managing Director which is a company engaged in the business of manufacture, research and trading in fine chemicals, pharmaceuticals, intermediates etc. The assessee holds 35.26% of the shares of the company. For the Asst. Year 2013-14, assessee filed her Return of Income on 08-10-2013 declaring total income of Rs. 68,47,390/-. The return was processed u/s. 143(1) of the Act on 01-02-2014. During the assessment in the case of M/s. SPC Life Sciences Pvt. Ltd. that the assesse....

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....sing the following Grounds of Appeal: 1. That the Learned CIT(A) has erred in law and on facts in confirming the addition of Rs. 56,09,615/- as income being deemed dividend under the Provisions of Section 2(22)(c) of the income tax Act. 2. The Appellant prays that the addition made of Rs. 56,09,615/- being deemed dividend under the Provisions of Section 2(22)(c) of the income tax Act be deleted. 3. The Appellant prays that the penalty proposed to be levied by the learned AO u/s. 271(1)(c) of the income tax Act is bad in law and needs to be squashed. 4. The Appellant craves leave to add, amend or withdraw any ground of appeal at the time of hearing. 6. None appeared on behalf of the assessee either in person or virtual hearing....