Provisions of Deemed Dividend u/s 2(22)(e) of Income Tax Act can only be invoked against Shareholder: ITAT [Read Order]

Provisions of Deemed Dividend u/s 2(22)(e) of Income Tax Act can only be invoked against Shareholder: ITAT
By Aiswarya Krishnadas - On December 13, 2023 11:30 am - 2 mins read
Deemed Dividend - Provisions - Income Tax Act - Shareholder - ITAT - Income Tax - TAXSCAN

An estimated addition of 10% (Rs.48,53,306/-) to the assessee’s income was made due to lacking account books and vouchers. The Commissioner of Income Tax (Appeals) examined and deleted the addition upon the assessee’s appeal. The Revenue appealed, contesting the additions. Simultaneously, the assessee filed a Rule 27 petition, arguing the additions lack sustainability without incriminating…

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