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| The Tax Publishers2020 TaxPub(DT) 0190 (Asr-Trib) INCOME TAX ACT, 1961
Section 4 Section 115-O
Where dividend distribution was added by AO on non-payment of tax though assuming that dividend distribution tax was payable by assessee it does not, in any manner, lead to the inference of any income having accrued to the assessee as a result rather, the said tax, where paid, would stand to be debited to its operating statement (P&L A/c) for the year.
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Assessment - Addition to income - Disallowance of dividend distribution -
Addition was made on account of disallowance of dividend distribution by the AO. CIT(A) deleted the additions on the issue under consideration.Held: There was no basis for the addition. Even assuming, for the sake of argument, that the dividend distribution tax was indeed payable by the assessee-company, the revenue can only proceed under law to exact the same. It deos not in any manner lead to the inference of any income having accrued to the assessee as a result rather, the said tax, where paid, would stand to be debited to its operating statement (P&L A/c) for the year. Ground was decided accordingly.
Followed:ITA No. 93/Asr/2011 : 2007-08 ITAT Order, dt. 16-07-2018
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10, 2011-12 & 2013-14
INCOME TAX ACT, 1961
Section 4 Section 115-O
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