Deemed Dividend Deleted as Transactions Were Business Dealings

ACIT Vs Om Prakash Arora (ITAT Delhi) Reopening Upheld; Deemed Dividend & Section 14A Deletions Confirmed, but Short-Term Capital Loss on Property Reversed The Delhi Bench of the ITAT delivered a detailed ruling covering reopening, deemed dividend, section 14A disallowance, cash deposits, sundry creditors, commission payments, and large property transactions for AYs 2015-16 and 2016-17. On reopening under sections 147/148, the Tribunal dismissed the assessee’s cross-objection and upheld validity of reassessment. It held that the Additional/Joint Commissioner had concurrent jurisdiction, ...