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ITAT Deletes Deemed Dividend Addition as Cash Shortage Related to Proprietary Concern
Case Law Details
- Case Name
- K P Nanjundi Vishwakarma Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Bangalore
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K P Nanjundi Vishwakarma Vs ACIT (ITAT Bangalore)
In this case, the appeal was filed against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2018-19 concerning the addition of Rs.79,73,599 as deemed dividend under Section 2(22)(e) of the Income Tax Act.
A search and seizure operation under Section 132 was conducted on 4 January 2018. During the search proceedings, a discrepancy of Rs.79,73,599 was found between the cash book balance and the physical cash available. The Manager of Lakshmi Gold Khazaana Pvt. Ltd. stated in a statement recorded under Sec...
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