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Deemed Dividend Deleted as Transactions Were Business Dealings
Case Law Details
- Case Name
- ACIT Vs Om Prakash Arora (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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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, ...
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