Dividend Exemption Restored as Form Cannot Override Substance

KP Advisory Services LLP Vs ACIT (ITAT Hyderabad) Exempt Dividend Taxed Due to ITR Error Deleted; CPC Order Merges with 143(3): ITAT Hyderabad Grants Major Relief The Hyderabad Bench of the ITAT partly allowed the appeal of the assessee LLP for AY 2018-19, granting substantial relief on multiple issues arising from processing of return by CPC and subsequent scrutiny assessment. The Tribunal deleted the addition of ₹69.48 lakh representing dividend income, holding that it was exempt under section 10(34). The addition arose solely due to a bonafide reporting error in the ITR, where dividend in...