AO Fails to Verify Loan Recorded as Journal Entry in Shareholder’s Account: ITAT deletes ₹25.93 Lakh Deemed Dividend Addition [Read Order]

Considering the AO failed to verify the nature of the transaction, the ITAT deletes Rs. 25.93 Lakh deemed dividend addition
ITAT - Income Tax - ITAT Ahmedabad - Income Tax Appellate Tribunal - TAXSCAN

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an addition of Rs. 25.93 lakh categorized as a “deemed dividend” under Section 2(22)(e) of the Income Tax Act due to the Assessing Officer’s ( AO ) failure to verify whether the transaction constituted an actual loan or merely a Journal entry…

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