ITAT Directs Fresh Hearing on Section 2(22)(e) Deemed Dividend Case Dispute

Yashvardhan Gokuldas Binani Vs ITO (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai has set aside an ex-parte order that treated a loan received by M/s Francis Klein & Co. (Bombay) Pvt. Ltd. from M/s Decon Mercantile Pvt. Ltd. as a deemed dividend in the hands of common shareholder Yashvardhan Gokuldas Binani. The Tribunal, in its order dated May 30, 2025, restored the matter to the National Faceless Appeal Centre (NFAC) for fresh adjudication, citing the assessee’s plea for an opportunity to present evidence regarding the commercial nature of the transaction. The appeal was...