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2013 (7) TMI 527 - GUJARAT HIGH COURTDeemed dividend, u/s. 2(22)(e) - Loan advanced to assessee - Assessee contends that huge amount of shares were settled in a trust - CIT[A] held that shares settled in favour of the Trust are still in the name of the trustees including the appellant and they are holding it as Trustees - Tribunal directed deletion - Held that:- Total interest in the shares was divested and settled in a trust, the later requirement of Section 2 (22)(e) namely that of the assessee being a beneficial owner of the share, would not be satisfied - Revenue formed opinion that creation of Trust was not genuine because no documents in support were found at the time of search - Assessee agreed to pay tax on deemed dividend to avoid litigation - Entire issue is based on appreciation of materials on record - Decided against Revenue.
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