1985 (12) TMI 106 - AT - Income Tax

Summary

The Revenue appealed the deletion of Rs. 40,000 addition as deemed dividend income by the AAC. The ITAT held that the amount was not assessable as deemed dividend income but as short-term capital gains. The appeal by the Revenue was rejected. (Case: Appellate Tribunal ITAT DELHI-B, Citation: 1985 (12) TMI 106 - ITAT DELHI-B)